BNS Drops Below 5 % Ownership in BRP Inc. per Schedule 13G/A

Rhea-AI Filing Summary

Bank of Nova Scotia (BNS) has filed Amendment No. 1 to Schedule 13G regarding its holding in BRP Inc. (DOOO). As of 30 Jun 2025 the bank owns 751,649 Subordinate Voting Shares, equal to 2.178 % of the class. BNS reports sole voting and dispositive power over all shares; no shared power or group membership is claimed.

Item 5 states “ownership of 5 percent or less,” signalling that BNS has recently fallen below the 5 % reporting threshold. The amendment therefore likely reflects a significant reduction in its position since the previous filing made under Rule 13d-1(b) for institutional investors with >5 % stakes. The filing adds that the shares are held in the ordinary course of business and not to influence control of BRP.

For investors, the exit of a major Canadian financial institution removes a large (>5 %) holder, potentially increasing free float but also implying recent net selling. No financial results, strategic transactions or governance changes at BRP are disclosed in this document.

Positive

• None.

Negative

• Bank of Nova Scotia reduced its stake below 5 %, signalling recent selling activity and loss of a large institutional holder.

Insights

Securities Analyst

TL;DR: BNS cut its stake in BRP to 2.18 %, dropping below 5 % and signalling recent share sales.

The amendment confirms BNS now holds 751.6 k shares, down from a previously >5 % position. As an institutional 13G filer, BNS must update when ownership shifts materially; crossing the 5 % line is a key trigger. The filing contains no commentary on BRP’s fundamentals, so market impact stems mainly from supply/demand: BNS likely disposed of roughly 1 m shares (assuming ~34.5 m outstanding) in the recent period, which could exert modest downward pressure. Because BNS keeps no influence intent and still retains some exposure, the disclosure is moderately negative but not alarming.

Portfolio Manager

TL;DR: Reduced institutional ownership slightly weakens BRP’s shareholder support; impact limited unless others follow.

An institution stepping below 5 % often reflects portfolio rebalancing rather than a thesis change. The float increases, enhancing liquidity, yet the loss of a strategic Canadian bank holder may reduce passive stability and voting support. With only 2.18 % remaining, BNS can fully exit without further public notice. Overall investment thesis for BRP should lean on operating performance, not this ownership change, but near-term sentiment could soften.

SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

BRP Inc.

(Name of Issuer)

Common Stock

(Title of Class of Securities)

05577W200

(CUSIP Number)

06/30/2025

(Date of Event Which Requires Filing of this Statement)

Check the appropriate box to designate the rule pursuant to which this Schedule is filed:

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No. 05577W200

1

Names of Reporting Persons

BANK OF NOVA SCOTIA

2

Check the appropriate box if a member of a Group (see instructions)

(a)
(b)

3

Sec Use Only

4

Citizenship or Place of Organization

CANADA (FEDERAL LEVEL)

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 751,649.00
6	Shared Voting Power 0.00
7	Sole Dispositive Power 751,649.00
8	Shared Dispositive Power 0.00

9

Aggregate Amount Beneficially Owned by Each Reporting Person

751,649.00

10

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

11

Percent of class represented by amount in row (9)

2.178 %

12

Type of Reporting Person (See Instructions)

FI

SCHEDULE 13G

Item 1.
(a)	Name of issuer: BRP Inc.
(b)	Address of issuer's principal executive offices: 726 SAINT-JOSEPH STREET, VALCOURT, QUEBEC, CANADA J0E 2L0
Item 2.
(a)	Name of person filing: BANK OF NOVA SCOTIA
(b)	Address or principal business office or, if none, residence: 40 TEMPERANCE STREET TORONTO, Ontario, Canada M5H 0B4
(c)	Citizenship: BANK OF NOVA SCOTIA - CANADA (FEDERAL LEVEL)
(d)	Title of class of securities: Common Stock
(e)	CUSIP No.: 05577W200
Item 3.	If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:
(a)	Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o);
(b)	Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c);
(c)	Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c);
(d)	Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8);
(e)	An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);
(f)	An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);
(g)	A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);
(h)	A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);
(i)	A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);
(j)	A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J). If filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:
(k)	Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).
	a parent holding company, in accordance with 13d-1(b)(1)(ii)(g)
Item 4.	Ownership
(a)	Amount beneficially owned: 751,649
(b)	Percent of class: 2.178 %
(c)	Number of shares as to which the person has:
	(i) Sole power to vote or to direct the vote: BANK OF NOVA SCOTIA - 751,649
	(ii) Shared power to vote or to direct the vote: BANK OF NOVA SCOTIA - 0
	(iii) Sole power to dispose or to direct the disposition of: BANK OF NOVA SCOTIA - 751,649
	(iv) Shared power to dispose or to direct the disposition of: BANK OF NOVA SCOTIA - 0
Item 5.	Ownership of 5 Percent or Less of a Class.
	Ownership of 5 percent or less of a class
Item 6.	Ownership of more than 5 Percent on Behalf of Another Person.
	Not Applicable
Item 7.	Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.
	Not Applicable
Item 8.	Identification and Classification of Members of the Group.
	Not Applicable
Item 9.	Notice of Dissolution of Group.
	Not Applicable

Item 10.

Certifications:

By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were acquired and are held in the ordinary course of business and were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11. By signing below I certify that, to the best of my knowledge and belief, the foreign regulatory scheme applicable to The Bank of Nova Scotia is substantially comparable to the regulatory scheme applicable to the functionally equivalent U.S. institution(s). I also undertake to furnish to the Commission staff, upon request, information that would otherwise be disclosed in a Schedule 13D.

SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

BANK OF NOVA SCOTIA

Signature:	Raj Sachdeva
Name/Title:	Vice President, Head of GBM&T Compliance Canada
Date:	07/21/2025

FAQ

How many BRP (DOOO) shares does Bank of Nova Scotia currently own?

The filing lists 751,649 shares beneficially owned by Bank of Nova Scotia.

What percentage of BRP’s outstanding shares does this represent?

Bank of Nova Scotia now holds 2.178 % of the class.

Why is this Schedule 13G/A significant for BRP investors?

Item 5 shows BNS has fallen below the 5 % threshold, indicating recent share sales and reduced institutional support.

Does the filing indicate any plan to influence BRP’s control?

No. The certification states the shares are held in the ordinary course and not to influence control.

What voting and dispositive power does BNS have over the shares?

BNS reports sole voting and sole dispositive power over all 751,649 shares.