other countries due to worsening economies , resulting in slightly lower unit sales in emerging markets overall . Unit sales across the entire business declined slightly as well , but the higher unit sales recorded in India and Brazil as well as higher prices per unit led to higher overall revenue . For operating income , in addition to the effects of higher revenues , improved supply of premium segment models in emerging markets , cost reductions , and the benefits of a weaker yen brought in higher profits .

With recreational vehicles ( ATVs and ROVs ), demand remained at similar levels to last year , but shipments declined , as have revenues . Furthermore , the lower number of units sold and the higher SG & A expenses accompanying the intensifying level of competition led

the business to record lower profits . For the Smart Power Vehicles business , i . e ., electric wheelchairs , electrically power-assisted bicycles ( e-bikes ) and their drive units ( e-Kits ), market inventory adjustments have remained ongoing in the industry ’ s main market of Europe and the company is carrying on with production adjustments . In terms of revenues and operating income , e-bike and e-Kit unit sales fell and the business recorded lower sales and profits overall .

2 . MARINE PRODUCTS BUSINESS Revenues were 141.9 billion yen ( a decrease of 3.6 billion yen or 2.5 % compared with the same period of the previous fiscal year ) and operating income was 25.5 billion yen ( a decrease of 11.5 billion yen or 31.0 %).

In China , Brazil and other emerging markets , demand continued to be strong in the commercial fishing and tourism markets . Meanwhile , in North America and Europe , concerns of an economic recession led small and midrange outboard motor demand to decrease , but demand for large horsepower outboard motors remained stable . In terms of sales , numbers fell in developed markets and remained about the same in emerging markets and this resulted in lower sales for the outboard business overall . For personal watercraft , unease about rising interest rates made customers hesitate to purchase and demand decreased . On the other hand , there were heavy inquiries for Yamaha products in

the space and unit sales rose . Sales and profits fell for the Marine Products business overall .

3 . ROBOTICS BUSINESS Revenues were 19.2 billion yen ( a decrease of 0.6 billion yen or 3.3 % compared with the same period of the previous fiscal year ) and an operating loss of 3.7 billion yen ( down from an operating loss of 4.0 billion yen ).

In the surface mounter market , there was no clear change in the sluggish market situation in China and concerns of an economic recession drove down demand in Europe . The company ’ s sales in Asia increased , but sales of premium-priced products underperformed , and this negatively impacted the model mix . With industrial robots , demand remained stagnant in China and sales decreased . However , higher demand for generative AI applications and advanced packaging yielded higher sales of Yamaha semiconductor manufacturing equipment . As a result , the Robotics business posted lower sales and profits .

4 . FINANCIAL SERVICES BUSINESS Revenues were 269.0 billion yen ( an increase of 9.0 billion yen or 50.4 % compared with the same period of the previous fiscal year ) and operating income was 6.1 billion yen ( an increase of 3.6 billion yen or 142.4 %).

As financial receivables increased in step with the rise in unit sales that continued until last fiscal year , the company made progress in passing procurement interest rates on to

customers and this pushed revenues up . As for operating income , in addition to higher income from interest payments , the appraised losses derived from interest rate swaps last fiscal year were converted to appraisal gains this fiscal year . This upped profits for the period .

5 . OTHER PRODUCTS BUSINESS Revenues were 23.5 billion yen ( an increase of 2.2 billion yen or 10.2 % compared with the same period of the previous fiscal year ) and operating income was 0.1 billion yen ( a decrease of 0.4 billion yen or 73.7 %).

Higher demand for golf cars in North America drove unit sales up and the business took in higher sales , but higher fixed expenses in the business ’ other product segments and other factors led to lower profits .

FORECAST OF CONSOLIDATED BUSINESS RESULTS

Regarding the forecast consolidated business results for the fiscal year ending December 31 , 2024 , no changes have been made to the forecast made on February 14 when announcing the company ’ s fiscal 2023 results : Revenue : 2,600.0 billion yen ; Operating Income : 260.0 billion yen ; and Net Income : 175.0 billion yen .

No changes were made to the forecast exchange rates either , and the above figures are based on the U . S . dollar trading at 140 yen during the fiscal year ( an appreciation of 1 yen from FY2023 ) and the euro at 150 yen ( an appreciation of 2 yen ).

BRP has reported its financial results for Q1 of its fiscal year 2025 , which ended April 30 , 2024 . ( Financial information is in Canadian dollars unless otherwise noted ).

BRP ’ s Q1 saw a reduction in inventory at dealerships in reaction to soft demand trends . North American retail sales were down 5 % year over year in Q1 FY25 , in line with the industry ’ s decline . However , according to analysts , promotional intensity has increased and is more aggressive than planned .

BRP reported Q1FY25 revenues of $ 2,032 million , down 16 % year over year but slightly higher than some estimates . The revenue decline was driven by lower shipment volume due to a softening consumer demand environment , higher sales programs , and the company ’ s decision to reduce dealership inventory levels . This was partly offset by a favorable product mix and higher pricing .

“ Our first quarter results were in line with expectations and reflect our focus on managing network inventory to protect our dealer value proposition ,” says José Boisjoli , president and CEO of BRP . “ Our strong product portfolio performed well at retail , especially in the Year-Round Products category , where we gained market share across all product lines . We are particularly pleased with our Can-Am SSV business , which had its strongest first quarter ever at retail . As the year unfolds , our dealers ’ profitability is under more pressure than anticipated given the current macroeconomic context , a more competitive landscape and high interest rates . For these reasons , we have decided to adjust our production to further reduce network inventory while continuing to maximize retail sales . Looking ahead , given our strong business fundamentals , we are confident in our long-term strategy , and committed to investing in the development of market-shaping products to remain the leading OEM in the industry .”

Q1FY25 RESULTS Soft demand resulted in reduced inventory throughout BRP ’ s retail channels . North American quarterly retail sales for Powersport Products were down 5 % due to Seasonal Products given lower industry volumes . This decrease was partly offset by an increase in Year-Round Products driven by continued market share gains in SSV and ATV .

REVENUES Revenues decreased by $ 397.7 million , or 16.4 %, to $ 2,031.7 million for Q1 , compared to $ 2,429.4 million for Q1FY24 . The decrease was primarily due to a lower volume across most product lines and includes a favorable foreign exchange rate variation of $ 17 million .

Year-Round Products ( 57 % of Q1−FY25 revenues ): Revenues from Year- Round Products decreased by $ 175.5 million , or 13.2 %, to $ 1,157.8 million year over year , compared to $ 1,333.3 million Q1−FY24 .

Seasonal Products ( 26 % of Q1−FY25 revenues ): Revenues from Seasonal Products decreased by $ 156.8 million , or 22.7 %, to $ 535.1 million for Q1 , compared to $ 691.9 million in Q1−FY24 .

Powersports PA & A and OEM Engines ( 14 % of Q1−FY25 revenues ): Revenues from Powersports PA & A and OEM Engines increased by $ 4.2 million , or 1.5 %, to $ 289.1 million for Q1 compared to $ 284.9 million last year . The increase was mainly attributable to a higher sales volume , favorable pricing , and product mix . Higher sales programs partially offset the increase .

Marine ( 3 % of Q1−FY25 revenues ): Revenues from the Marine segment decreased by $ 69.2 million , or 56.6 %, to $ 53.1 million for Q1 compared to $ 122.3 million last year . The decrease was mainly attributable to a lower volume due to high dealer inventory , softer

consumer demand , and higher sales programs .

NORTH AMERICAN RETAIL SALES BRP ’ s decreased North American retail sales was due to Seasonal Products driven by lower industry volumes . North American Year- Round Products retail sales increased on a percentage basis in the low-teens range compared to last year . The Year-Round Products segment increased on a percentage basis in the low-single digits over the same period .

North American Seasonal Products retail sales decreased in percentage terms in the

Source : BRP

low-thirties range compared to last year . The segment decreased in percentage terms in the high-twenties range over the same period .

BRP ’ s North American retail sales for Marine Products increased by 16 % compared to last year , given the low retail volume period as a comparison .

FY25 QUARTERLY OUTLOOK Given its focus on managing network inventory levels , BRP expects Q2 Fiscal 2025 normalized EBITDA to be down approximately mid−20 % versus Q1 Fiscal 2025 .