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The American Brunswick Group, a major player in the global yachting industry, has published its results for the third quarter of 2025. Consolidated sales reached $1.36 billion, up 6.8% on last year. However, this growth conceals a one-off net loss, caused by restructuring charges and exceptional depreciation. Nevertheless, the performance remains above internal expectations.
Mercury Propulsion: stable demand and stronger market share
Growth continues to be driven by propulsion, thanks in particular to the Mercury brand, which has consolidated its position with a market share of almost 50% in outboard motors in the United States. The rear-wheel drive division reported a 10% increase in sales, driven by stable demand from OEMs and a favorable inventory effect among distributors.
Despite pressure on prices due to anticipated customs surcharges, the brand continues to benefit from its broad product range and its manufacturing base in the USA.
Accessories and spare parts: an effective margin lever
Accessories and spare parts sales rose by 8% over the quarter, boosted by aftermarket sales and a good performance by distribution channels. Margins in this segment are gradually improving. This business represents a profitable and recurring pillar for the Group, notably via Navico Group brands and the US distribution network.
This is where Brunswick secures its income in the face of a more volatile new-build market.
Electronics and integration: Navico Group continues to expand
Navico Group, parent company of brands such as Simrad, reports moderate but steady growth. The majority of sales now come from after-sales. New products for the quarter include the launch of the autonomous piloting system Simrad AutoCaptain designed in collaboration with Mercury and Brunswick Boat Group.
This development confirms the Group's vertical integration strategy, which focuses on global solutions, from powertrains to on-board electronics.
Boatbuilding: partial recovery, rationalization under way
The Boat segment recorded a 4% increase in sales. Premium brands maintained their performance, while aluminum ranges reported a solid quarter. Brunswick nevertheless pursues its industrial rationalizationâeuros¯ plan: closure of the Reynosa (Mexico) and Flagler Beach (Florida) sites by mid-2026, with refocusing on American plants.
These decisions are aimed at reducing fixed costs and preparing for a ramp-up when the market rebounds.
Club activity and recurrence: Freedom Boat Club expands
Freedom Boat Club, a network of boat-sharing clubs, now has over 440 locations worldwide. This recurring revenue model is a strategic focus for Brunswick. In the third quarter, recurring revenue activities accounted for over 60% of the Group's adjusted operating income.
A shrinking US market, but a diversified strategy that cushions the blow
Brunswick recognizes a decline in the U.S. yachting market of around 8% for the year 2025. However, the second half of the season was more stable, after a spring marked by commercial and financial tensions. The Group is maintaining its annualâeuros¯ forecasts: sales of around $5.2 billion, adjusted earnings of $3.25 per share, and over $425 million in free cash flow.
