There is a good chance that whatever you go boating on in New Zealand has a Brunswick Corporation label somewhere on it. The engine on the back. The chartplotter at the helm. The boat itself. Even the eFoil in the garage. Brunswick, the Illinois-based marine giant, just reported first quarter 2026 net sales of US$1.4 billion (NZ$2.39 billion), up 13% on the same period last year, and the numbers reach further than most Kiwi boaters would expect.
Rayglass: a Kiwi brand inside a global giant
Rayglass, Auckland’s own boat manufacturer and one of New Zealand’s most recognised boat brands, is a Brunswick company. The Legend and Protector models coming out of the Auckland factory sit inside the same corporate portfolio as Boston Whaler, Sea Ray, and Bayliner. Few Kiwi boaters know the connection, but Rayglass has access to the engineering resources, technology pipeline, and global supply chain of the world’s largest marine company.
Mercury: still the dominant outboard
Mercury Marine’s first quarter was strong. Outboard orders globally were up more than 15% on the prior year, and Mercury’s performance at U.S. boat shows set records, claiming 60% overall market share and 84% on-the-water share at the Miami Boat Show, and 70% overall at Palm Beach. U.S. retail market share is up 200 basis points year to date. The tariff on Mercury’s Japanese competitors remains in place, a structural advantage Brunswick is monitoring closely.
Simrad, B&G, and Lowrance: the electronics behind almost everything
Brunswick’s Navico Group owns Simrad, B&G, Lowrance, and Mastervolt, four brands that between them cover the helm electronics on most of New Zealand’s recreational fleet. From Lowrance fish finders on trailer boats to Simrad multifunction displays on sportfishers to B&G instruments on offshore racers, walk the docks at any marina in New Zealand and you will find all four brands.
Navico had a standout quarter, with adjusted operating earnings of US$18.4 million (NZ$31.5 million), up 64% on the prior year. New products including the Simrad NSO 4 multifunction display with its NEON Android operating system launched at the Miami Boat Show, and Lowrance’s ActiveTarget 2XL picked up an innovation award. CEO David Foulkes described Navico as transitioning from stabilisation to growth, and the Q1 numbers back that up.
Fliteboard: the Auckland On Water connection
Brunswick acquired Fliteboard in 2023, placing the Australian-founded eFoil brand inside Mercury Marine. The Flite RACE, the fastest Fliteboard ever built, was developed in collaboration with Mercury Racing and launched earlier this year. Fliteboard appeared at the Auckland On Water Boat Show and is available in New Zealand through Sports Marine. Fliteboard has riders in more than 90 countries.
Freedom Boat Club
Freedom Boat Club, the world’s largest boat club with 446 locations globally, is also a Brunswick business. The model, which lets members book boats by the trip without the costs of ownership, is in New Zealand, with membership growing. Freedom added four new locations in the quarter, increased member trips by 20%, and improved same-store sales by 10%. Since Brunswick acquired Freedom in 2019, the club has generated approximately US$300 million (NZ$513 million) in enterprise synergies across the Brunswick portfolio. Earlier this month, Brunswick acquired the largest remaining franchise club in the network, adding 21 locations in the Greater Boston and Cape Cod region.
Reviewing the results
Brunswick specifically flagged Australia and New Zealand as markets being monitored as oil supply tightens following geopolitical events in the Middle East. The company’s direct exposure to the region is limited, but it is keeping a close eye on flow-on effects in this part of the world.
Adjusted earnings per share came in at US$0.70 (NZ$1.19) for the quarter, up 25%. Operating earnings reached US$83 million (NZ$142 million). Full year revenue guidance sits at US$5.65 billion to US$5.8 billion (NZ$9.66 billion to NZ$9.92 billion), with free cash flow guidance of US$350 million-plus (NZ$598 million-plus). Brunswick has delivered its 14th consecutive annual dividend increase, and repurchased US$20 million (NZ$34 million) in shares year to date.
New products launched in the quarter, beyond those already mentioned, include the Boston Whaler 330 Outrage, Sea Ray SLX 360, and Mercury’s keyless engine start system and Boost, an over-the-air outboard performance upgrade that pushes more power from existing engines without a trip to the dealer.
Brunswick won nearly 50 awards in the first quarter alone and was named for the first time to Fast Company’s Most Innovative Companies list, recognised alongside companies well beyond the marine industry.
Brunswick rarely comes up in conversation at the boat ramp. But pull back the curtain on almost any piece of kit on a New Zealand boat, and there is a reasonable chance it traces back to Mettawa, Illinois.
