Exhibit 99.2 BRP INC. MANAGEMENT'S DISCUSSION AND ANALYSIS FOR THE THREE- AND NINE-MONTH PERIODS ENDED OCTOBER 31, 2025 Table of contents | 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 | | Analysis of Results for the Third Quarter of Fiscal 2026 | 1 ...