BRP Aims to Buy Back 3.13 Million Shares Over Next 12 Months
BRP Inc. (NASDAQ: DOOO) has renewed its normal course issuer bid (NCIB), securing regulatory approval to repurchase up to 3,131,256 subordinate voting shares between December 10, 2025 and December 9, 2026. This amount represents roughly 10% of the company’s public float, as of the latest tally on December 2, 2025.
For context, BRP had 36,378,125 subordinate voting shares outstanding at the beginning of December, and the NCIB could have a significant impact on reducing share count if fully executed. Notably, BRP did not purchase any shares under the previous NCIB period despite similar authorization—suggesting this year’s move is worth close monitoring as a potential signal of strategic flexibility or renewed confidence from management.
Key Buyback Program Details at a Glance
| Program Element | Details |
|---|---|
| Buyback Period | Dec 10, 2025 – Dec 9, 2026 |
| Max Shares to Repurchase | 3,131,256 (about 10% of public float) |
| Total Shares Outstanding | 36,378,125 |
| Daily Repurchase Limit (TSX) | 44,267 shares |
| Prev. 12-Month Buybacks | 0 shares purchased |
| Automatic Purchase Plan | Yes, for blackout periods (begins Jan 24, 2026) |
Shareholder Value: Buyback Seen as Management Signal
The BRP board explicitly stated that the buyback could be an appropriate and desirable use of the company’s available cash, intended to support shareholder value. By reducing the outstanding share count, earnings per share (EPS) can get a lift, which typically bodes well for long-term investors—assuming operating performance holds steady or improves.
Interestingly, under the just-expired NCIB (ending Dec 9, 2025), the company did not execute any buybacks, though it was authorized to purchase a similar number of shares. That makes this renewed authorization more than a routine move—it puts a spotlight on management’s outlook for the business and willingness to deploy cash for capital returns.
Operational Flexibility: Automatic Purchase Plan Now Included
This year, BRP has also introduced an automatic share purchase plan (APP) that enables its designated broker to make repurchases during blackout periods—times when BRP itself may be restricted due to regulatory or internal policy reasons. This added flexibility may allow for a steadier pace of buybacks and reduce market timing risks. The APP takes effect on January 24, 2026, following pre-clearance by the Toronto Stock Exchange (TSX).
Market Snapshot: Where BRP Shares Stand Today
| Stock Price (as of 10:20 AM) | Public Float | Max Daily Buyback (TSX) |
|---|---|---|
| $74.72 | 31,312,560 | 44,267 |
Key Takeaway: A Signal to Watch, But Execution Is What Counts
BRP’s renewed NCIB authorization is notable, but with last year’s program going unused, all eyes are on whether management will actually follow through. Investors may interpret this as either a prudent display of flexibility or a renewed sign of management conviction—especially as the company is building out more tools (like the APP) to carry out buybacks during market restrictions.
Ultimately, the most meaningful signal for shareholders will be if and when BRP actively starts buying back shares. Until then, this remains a policy commitment—a potential lever to create value, but one that still requires management action to move the needle.
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