BRP Inc 6-K, filed May 28, 2026

BRP Inc. (DOO)

6-K 2026-05-28 For: 2026-05-28

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Added on July 07, 2026

About this 6-K

BRP Inc filed this 6-K on May 28, 2026.

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Exhibit No.		Description

99.1		Unaudited Condensed Consolidated Interim Financial Statements for the Three-Month Ended April 30, 2026
99.2		Management’s Discussion and Analysis of Financial Condition and Results of Operations for the Three-Month Ended April 30, 2026
99.3		Regulation 52-109F2 Certification of Chief Executive Officer
99.4		Regulation 52-109F2 Certification of Chief Financial Officer


BRP Inc.

By:		/s/ Sébastien Martel
Name:		Sébastien Martel
Title:		Chief Financial Officer


			Three-month periods ended
	Notes		April 30, 2026		April 30, 2025

Revenues		9		$2,391.8		$1,846.9
Cost of sales				1,830.2		1,452.1
Gross profit				561.6		394.8

Operating expenses
Selling and marketing				130.4		107.4
Research and development				118.8		105.0
General and administrative				88.1		77.9
Other operating (income) expenses		10		(1.2)		10.6
Total operating expenses				336.1		300.9
Operating income				225.5		93.9

Financing costs		11		45.0		46.6
Financing income		11		(3.1)		(1.3)
Foreign exchange (gain) loss on long-term debt				8.8		(126.4)
Income before income taxes				174.8		175.0
Income tax expense		12		47.5		14.0
Net income from continuing operations				127.3		161.0
Net income (loss) from discontinued operations		14		1.6		(10.9)
Net income				$128.9		$150.1
Attributable to shareholders				$129.5		$150.2
Attributable to non-controlling interest				$(0.6)		$(0.1)

Basic earnings per share - continuing operations		8		$1.75		$2.21
Diluted earnings per share - continuing operations		8		$1.73		$2.19
Basic earnings (loss) per share - discontinued operations		8		$0.02		$(0.15)
Diluted earnings (loss) per share - discontinued operations		8		$0.02		$(0.15)
Basic earnings per share		8		$1.77		$2.06
Diluted earnings per share		8		$1.75		$2.04


	Attributed to shareholders
		Capital Stock (Note 6	)	Contributed surplus		Retained earnings		Translation of foreign operations		Cash- flow hedges		Total		Non- controlling interests		Total equity
Balance as at January 31, 2026		$279.5		$86.5		$153.8		$83.5		$0.8		$604.1		$6.6		$610.7
Net income (loss)		—		—		129.5		—		—		129.5		(0.6	)	128.9
Other comprehensive income (loss)		—		—		6.1		(3.3	)	(5.2	)	(2.4	)	—		(2.4	)
Total comprehensive income (loss)		—		—		135.6		(3.3	)	(5.2	)	127.1		(0.6	)	126.5
Dividends		—		—		(18.2	)	—		—		(18.2	)	—		(18.2	)
Issuance of subordinate shares (Note 6)		33.7		(8.2	)	—		—		—		25.5		—		25.5
Repurchase of subordinate shares (Note 6)		(3.2	)	—		(41.3	)	—		—		(44.5	)	—		(44.5	)
Stock-based compensation		—		2.6		—		—		—		2.6		—		2.6

Balance as at April 30, 2026		$310.0		$80.9		$229.9		$80.2		$(4.4	)	$696.6		$6.0		$702.6
For the three-month period ended April 30, 2025
	Attributed to shareholders
		Capital Stock (Note 6	)	Contributed surplus		Retained earnings (losses	)	Translation of foreign operations		Cash- flow hedges		Total		Non- controlling interests		Total equity
Balance as at January 31, 2025		$251.0		$83.0		$(37.3	)	$(21.5	)	$(33.9	)	$241.3		$5.5		$246.8
Net income (loss)		—		—		150.2		—		—		150.2		(0.1	)	150.1
Other comprehensive income		—		—		2.6		57.9		23.5		84.0		—		84.0
Total comprehensive income (loss)		—		—		152.8		57.9		23.5		234.2		(0.1	)	234.1
Dividends		—		—		(15.6	)	—		—		(15.6	)	—		(15.6	)
Stock-based compensation		—		4.2		—		—		—		4.2		—		4.2

Balance as at April 30, 2025		$251.0		$87.2		$99.9		$36.4		$(10.4	)	$464.1		$5.4		$469.5


	April 30, 2026		January 31, 2026

Materials and work in progress		$690.5		$707.0
Finished products		757.7		707.7
Parts, accessories and apparel		415.2		409.9
Total inventories		$1,863.4		$1,824.6


	April 30, 2026		January 31, 2026

Product-related		$854.2		$810.2
Other		83.2		47.9
Total provisions		$937.4		$858.1
Current		815.1		737.4

Non-current		122.3		120.7
Total provisions		$937.4		$858.1


	Number of shares		Carrying Amount
Subordinate voting shares
Balance as at January 31, 2026		38,303,785	$276.7
Issued upon exercise of stock options		661,644	33.7
Repurchased under the normal course issuer bid program		(438,200)	(3.2)
Balance as at April 30, 2026		38,527,229	$307.2

Multiple voting shares
Balance as at January 31, 2026		34,819,204	$2.8
Balance as at April 30, 2026		34,819,204	$2.8

Total outstanding as at April 30, 2026		73,346,433	$310.0


			As at April 30, 2026
	Fair value level		Carrying amount			Fair value

Restricted investments		Level 2		$15.9		$15.9

Contingent consideration		Level 3		$23.9		$23.9


Derivative financial instruments
Forward exchange contracts
Assets				$18.9		$18.9
Liabilities				(16.1	)	(16.1)
Interest rate cap				1.2		1.2
Other
Assets				4.9		4.9
Liabilities				(6.5	)	(6.5)
		Level 2		$2.4		$2.4

Long-term debt (including current portion)
Term Facility (Note 5)		Level 1		$(2,341.9	)	$(2,334.0)
Term Loans (Note 5)		Level 2		(101.6	)	(106.2)
				$(2,443.5	)	$(2,440.2)


	Less than 1 year		1-3 years		4-5 years		More than 5 years		Total amount
Trade payables and accruals		$1,563.4		$—		$—		$—		$1,563.4
Long-term debt (including interest)		190.5		370.5		2,490.8		—		3,051.8
Lease liabilities (including interest)		71.4		120.3		83.1		366.7		641.5
Derivative financial instruments		18.0		4.6		—		—		22.6
Other financial liabilities		54.1		22.6		5.8		32.7		115.2
Other liabilities		26.8		6.0		—		—		32.8
Total		$1,924.2		$524.0		$2,579.7		$399.4		$5,427.3


	April 30, 2026		January 31, 2026

Inventories		$14.2	$13.6
Property, plant and equipment		70.5	69.4
Intangible assets		40.0	38.7
Other assets		4.8	4.4
Assets classified as held for sale		$129.5	$126.1
Trade payables and accruals		$9.4	$8.8
Provisions		5.9	6.9
Deferred tax liabilities		9.3	8.7
Other liabilities		2.2	2.4
Liabilities associated to assets classified as held for sale		$26.8	$26.8
Assets net of liabilities held for sale		$102.7	$99.3


Glossary			2

Basis of Presentation			3

Forward-Looking Statements and Non-IFRS Measures			4

Business Overview			6

Factors Affecting the Company’s Results of Operations			7

Executive Summary			10

Retail Performance & Market Statistics			11

Results of Operations			12

Geographical Trends for First Quarter of Fiscal 2027			14

Discontinued Operations			15

Liquidity and Capital Resources			18

Contractual Obligations			20

Capital Resources			21

Consolidated Financial Position			23

Off-Balance Sheet Arrangements			24

Transaction Between Related Parties			26

Financial Instruments			26

Non-IFRS Measures and Reconciliation Tables			28

Reconciliation Tables ^[2]			29

Summary of Consolidated Quarterly Results ^[2]			32

Reconciliation Table for Consolidated Quarterly Results ^[2]			33

Critical Accounting Estimates			36

Controls and Procedures			38

Risk Factors			39

Disclosure of Outstanding Shares			40

Additional Information			40


Abbreviations	Description	Abbreviations	Description
3WV	Three-Wheel Vehicles	MD&A	Management’s Discussion & Analysis
ATV	All-Terrain Vehicles	NCIB	Normal Course Issuer Bid
BPS	Basis points	OEM	Original Equipment Manufacturer
CAPEX	Capital Expenditure	ORV	Off-Road Vehicles
CGU	Cash Generating Unit	PA&A	Parts, Accessories & Apparel
CORRA	Canadian Overnight Repo Rate Average. Defined as the Daily Compounded CORRA or the forward-looking term rate based on CORRA plus a customary credit spread adjustment, when applicable	PP&E	Property, Plant & Equipment
EBITDA	Earnings Before Interest, Taxes, Depreciation & Amortization	PWC	Personal Watercraft
EPS	Earnings (Loss) Per Share	R&D	Research & development
EURIBOR	Euro Interbank Offered Rate	SOFR	Secured Overnight Financing Rate
EV	Electric Vehicles	Term SOFR	Defined as the forward-looking term rate based on SOFR plus a customary credit spread adjustment, when applicable
G&A	General & Administrative	SSV	Side-by-Side Vehicles
IAS	International Accounting Standards	S&M	Selling & marketing
IFRS	IFRS^® Accounting Standards as issued by the International Accounting Standards Board	Working Capital	Current assets less current liabilities
International	All regions except United States & Canada


Proportion of Total Revenues (in percentages)	Three-month periods ended
Proportion of Total Revenues (in percentages)	April 30, 2026		April 30, 2025
Year-Round Products		60.6%		59.9%
Seasonal Products		23.8%		22.7%
PA&A, OEM Engines and Others		15.6%		17.4%
Total Revenues ^[1]		100.0%		100.0%


*(in millions of Canadian dollars, except per share data and margin)*	Three-month periods ended
	April 30, 2026		April 30, 2025		Variance ($)		Variance (%)
Income Statement ^[2]
Total Revenues		$2,391.8		$1,846.9		$544.9		29.5%
Gross Profit		561.6		394.8		166.8		42.2%
Gross Profit Margin (%)		23.5%		21.4%		N/A		210bps
Operating Income		225.5		93.9		131.6		140.1%
Normalized EBITDA ^[1]		334.4		200.8		133.6		66.5%
Net Income		127.3		161.0		(33.7)		(20.9%)
Normalized Net Income ^[1]		134.5		34.6		99.9		288.7%
Diluted EPS		1.73		2.19		(0.46)		(21.0%)
Normalized Diluted EPS ^[1]		1.83		0.47		1.36		289.4%
Net Income (Loss) from Discontinued Operations		1.6		(10.9)		12.5		114.7%


(in millions of Canadian dollars, except margin data)	Three-month periods ended
(in millions of Canadian dollars, except margin data)	April 30, 2026		April 30, 2025		Variance ($)			Variance (%)
Income Statement ^[1]
Revenues
Year-Round Products		$1,448.7		$1,105.8		$342.9			31.0%
Seasonal Products		568.4		419.2		149.2			35.6%
PA&A, OEM Engines and Others		374.7		321.9		52.8			16.4%
Total Revenues		2,391.8		1,846.9		544.9			29.5%
Gross Profit		561.6		394.8		166.8			42.2%
Gross Profit Margin (%)		23.5%		21.4%		N/A			210bps
Operating Expenses		336.1		300.9		35.2			11.7%
Normalized EBITDA ^[2]		334.4		200.8		133.6			66.5%
Net Financing Costs		41.9		45.3		(3.4	)		(7.5%)
Income Taxes		47.5		14.0		33.5			239.3%
Net Income		127.3		161.0		(33.7	)		(20.9%)
Normalized Net Income ^[2]		134.5		34.6		99.9			288.7%
Net Income (Loss) from Discontinued Operations		1.6		(10.9)		12.5			114.7%


	Three-month periods ended

	April 30, 2026		April 30, 2025

United States		$1,327.5	$1,009.7
Canada		395.7	225.8
Europe		346.0	307.4
Asia Pacific		133.6	138.5
Latin America		184.9	163.2
Other		4.1	2.3
		$2,391.8	$1,846.9


(in millions of Canadian dollars)	Three-month periods ended
(in millions of Canadian dollars)	April 30, 2026		April 30, 2025		Variance ($)		Variance (%)
Selling and marketing		$130.4		$107.4		$23.0		21.4%
Research and development		118.8		105.0		13.8		13.1%
General and administrative		88.1		77.9		10.2		13.1%
Other operating (income) expenses		(1.2)		10.6		(11.8)		(111.3%)
Operating Expenses ^[1]		$336.1		$300.9		$35.2		11.7%



	Foreign exchange (gain) loss

(in millions of Canadian dollars)	Three-month period
Revenues		$15.0
Cost of sales		1.1
Impact of foreign exchange fluctuations on gross profit		$16.1
Operating expenses		(9.7)
Impact of foreign exchange fluctuations on operating income		$6.4
Long-term debt		135.2
Net financing costs		0.7
Impact of foreign exchange fluctuations on income before income taxes		$142.3


Loan		Cost of Borrowing
Term Loan B-2		◾ Term SOFR plus 2.25% per annum, with a Term SOFR floor of 0.50%
Term Loan B-3		◾ Term SOFR plus 2.25% per annum, with a Term SOFR floor of 0.00%


(in millions of Canadian dollars)	April 30, 2026		January 31, 2026		Variance		Exchange Rate Impact		Net Variance		Explanation of Net Variance
Trade and other receivables		$520.8		$607.2		$(86.4)		$(1.9)		$(88.3)	Mostly explained by seasonality.
Inventories		1,863.4		1,824.6		38.8		(6.2)		32.6	Mostly explained by finished goods for upcoming deliveries.
Property, plant and equipment		1,773.3		1,816.8		(43.5)		3.5		(40.0)	Mostly explained by depreciation.
Right-of-use assets		452.3		212.2		240.1		(0.3)		239.8	The increase in right-of-use assets was primarily attributable to a new PA&A distribution center.
Trade payables and accruals		1,563.4		1,515.2		48.2		35.6		83.8	Mostly explained by an increase in purchasing activities.
Provisions		937.4		858.1		79.3		(0.8)		78.5	Mostly explained by higher sales programs.
Long-term debt, including current portion		2,443.5		2,442.3		1.2		(7.8)		(6.6)	Variance is not material.
Lease liabilities		478.4		237.4		241.0		(0.5)		240.5	The increase in lease liabilities was primarily attributable to a new PA&A distribution center.


Non-IFRS measures	Definition	Reason for use
Normalized EBITDA	Net income before financing costs, financing income, income tax expense (recovery), depreciation expense and normalized elements	Assist investors in determining the financial performance of the Company’s operating activities on a consistent basis by excluding certain non-cash elements such as depreciation expense, impairment charge, foreign exchange gain or loss on the Company’s long-term debt denominated in U.S. dollars and foreign exchange gain or loss on certain of the Company’s lease liabilities. Other elements, such as restructuring and wind-down costs, non-recurring gain or loss and acquisition-related costs, may be excluded from net income in the determination of Normalized EBITDA as they are considered not being reflective of the operational performance of the Company
Normalized net income	Net income before normalized elements adjusted to reflect the tax effect on these elements	In addition to the financial performance of operating activities, these measures consider the impact of investing activities, financing activities and income taxes on the Company’s financial results
Normalized income tax expense	Income tax expense adjusted to reflect the tax effect on normalized elements and to normalize specific tax elements	Assist investors in determining the tax expense relating to the normalized items explained above, as they are considered not being reflective of the operational performance of the Company
Normalized effective tax rate	Based on Normalized net income before Normalized income tax expense	Assist investors in determining the effective tax rate including the normalized items explained above, as they are considered not being reflective of the operational performance of the Company
Normalized earnings per share – diluted	Calculated by dividing the Normalized net income by the weighted average number of shares – diluted	Assist investors in determining the normalized financial performance of the Company’s activities on a per share basis
Free cash flow	Cash flows from operating activities less additions to PP&E and intangible assets	Assist investors in assessing the Company’s liquidity generation abilities that could be available for shareholders, debt repayment and business combination, after capital expenditure


(millions of Canadian dollars)	Three-month periods ended
(millions of Canadian dollars)	April 30, 2026		April 30, 2025
Net cash flows generated from operating activities		$425.5		$255.8
Additions to property, plant and equipment		(46.1)		(45.1)
Additions to intangible assets		(12.1)		(9.4)

Free cash flow^[1]		$367.3		$201.3
Free cash flow from continuing operations ^[1]		$367.3		$203.3
Free cash flow used in discontinued operations ^[1]		$—		$(2.0)


(millions of Canadian dollars, except per share data)	Three-month periods ended
(millions of Canadian dollars, except per share data)	April 30, 2026		April 30, 2025
Depreciation expense reconciliation
Depreciation expense		$108.7		$106.5
Depreciation of intangible assets related to business combinations		(0.7)		(1.4)
Depreciation expense adjusted ^[1]		$108.0		$105.1
Income tax expense reconciliation
Income tax expense		$47.5		$14.0
Income tax adjustment ^[3]		2.9		1.8
Normalized income tax expense ^[1]		$50.4		$15.8
Financing costs reconciliation
Financing costs		$45.0		$46.6
Other		(0.4)		—
Financing costs adjusted ^[1]		$44.6		$46.6

Normalized basic EPS ^[1] calculation
Normalized net income ^[1]		$134.5		$34.6
Non-controlling interests		0.6		0.1
Weighted average number of shares - basic		73,151,257		73,031,821
Normalized basic EPS ^[1]		$1.85		$0.48
Normalized diluted EPS ^[1] calculation
Normalized net income ^[1]		$134.5		$34.6
Non-controlling interests		0.6		0.1
Weighted average number of shares - diluted		73,931,682		73,513,777
Normalized diluted EPS ^[1]		$1.83		$0.47


	Three-month periods ended
	April		January		October		July		April		January		October		July
	30,		31,		31,		31,		30,		31,		31,		31,
	2026		2026		2025		2025		2025		2025		2024		2024
	Fiscal 2027		Fiscal 2026		Fiscal 2026		Fiscal 2026		Fiscal 2026		Fiscal 2025		Fiscal 2025		Fiscal 2025
(millions of Canadian dollars, except per share and gross profit data)
Revenues
Year-Round Products		$1,448.7		$1,317.2		$1,265.6		$1,113.8		$1,105.8		$1,128.0		$1,036.4		$985.0
Seasonal Products		568.4		796.4		606.2		469.7		419.2		677.5		616.0		541.8
PA&A, OEM Engines and Others		374.7		343.7		378.5		304.7		321.9		312.8		321.1		284.3
Total revenues		2,391.8		2,457.3		2,250.3		1,888.2		1,846.9		2,118.3		1,973.5		1,811.1
Gross profit		561.6		553.6		541.2		397.7		394.8		421.8		435.1		399.3
As a percentage of revenues		*23.5%*		22.5%		24.1%		21.1%		21.4%		19.9%		22.0%		22.0%

Net income (loss)		127.3		45.8		76.5		57.1		161.0		(50.5)		30.6		42.0
Normalized EBITDA ^[1]		334.4		363.8		325.6		213.2		200.8		247.0		268.5		234.9
Normalized net income ^[1]		134.5		163.3		117.7		66.9		34.6		76.8		88.5		76.5

Basic EPS		1.75		0.64		1.05		0.79		2.21		(0.69)		0.42		0.56
Diluted EPS		1.73		0.63		1.04		0.79		2.19		(0.68)		0.42		0.55

Normalized basic EPS ^[1]		1.85		2.24		1.61		0.93		0.48		1.06		1.22		1.03
Normalized diluted EPS ^[1]		1.83		2.21		1.59		0.92		0.47		1.05		1.20		1.02


As at (in millions of Canadian dollars)	April 30, 2026		January 31, 2026

Cash and cash equivalents		$696.8		$427.1
Working capital		699.6		600.3
Property, plant and equipment		1,773.3		1,816.8
Total assets ^[1]		6,616.9		6,196.7
Total non-current financial liabilities		2,882.9		2,647.3
Total liabilities ^[2]		6,017.0		5,685.3
Total equity		702.6		610.7
Long-term debt		2,443.5		2,442.3



		Issued and outstanding shares and stock options
Multiple voting shares with no par value		34,819,204
Subordinate voting shares with no par value		38,527,229
Stock options to acquire subordinate voting shares		2,852,911