Bénéteau

Investor Presentation • Mar 19, 2024

2023 FY Earnings

March 19, 2024

Disclaimer

This presentation and all the supporting documents, including the related oral presentations and discussions (collectively the "Presentation"), have been prepared by BENETEAU SA (the "Company", and together with its subsidiaries and affiliates, the "Group"). By listening to the Presentation, by consulting it or consulting slides from the Presentation, you agree to the following. This Presentation does not constitute, and should not be construed as, an offer to sell or the solicitation of an offer to purchase or subscribe for any securities of the Group in any jurisdiction. This Presentation may contain certain forward-looking statements. Such statements refer in particular to the Group's present and future strategy, the growth of its operations and future events and objectives. Such statements may include the terms "anticipate", "believe", "intend", "estimate", "expect", "project", "plan" and other similar expressions. By their nature, forward-looking statements involve risks and uncertainties, which could cause the actual results and performance of the Group to be materially different from the future results and performance expressed or implied by such forward-looking statements.

Agenda

• 2023 performance overview
• Full-year financial results
• Outlook

2023 performance overview

Bruno Thivoyon Groupe Beneteau CEO

2023, a record year

Thanks to the commitment and dedication of our 8,000+ employees

REVENUES*	GROUP INCOME FROM ORDINARY OPERATIONS*
€1,785m +18.3% +19% at constant exchange rates	€246m 13.8% of revenues +3.5pts
NET INCOME* (GROUP SHARE)	FREE CASH FLOW* NET CASH
€182m 10.2% of revenues*	€82m €247m

* Before the application of IFRS 5 for the Housing business ("Operations held for sale")

6

Strong value-driven growth across all segments

Sail boats: 31% growth

• EXCESS sales more than doubled
• 68% growth with Charters

Power boats: 9% growth (like-for-like)

• 17% Real Estate growth driven by the PRESTIGE M-Line launch
• 3% Dayboating growth, despite lower volumes (-23%)

Outperforming the market

14 new launches, winning 24 awards

Effective and well-executed value-driven strategy

Solid model positioning the Group in a higher profitability range

Efficiency recovered in 2023 post the supply chain crisis

Agility thanks to shopfloor reorganization in Cholet, Belleville and Bordeaux

Flexibility thanks to the multi-year working time adjustment agreement

Competitiveness thanks to Portugal's rampup and the Tunisian shipyard's integration

Value-driven Product Roadmap for each segment

Proactive management of inflation

Income from ordinary operations (%)

Outstanding performance in 2023

Strong achievements with the B-Sustainable program

Ethical Growth

• 41% of purchases from CSRevaluated suppliers (+17pts vs. '22)
• 5% cost of claims reduction

Engaged Crew

• 9% improvement in incident rate
• B-Equal program launched
• #StOpE initiative signed

Preserved Oceans

• -6% CO2 emissions intensity
• 1 st line using fully recyclable resin
• 75% of activity under ISO14001 (+11pts)
• 6 sustainability-related awards

Confirming the 2030 ambition

Digital: Seanapps successfully ramped up

Achievements

• 8 brands covered
• 8,000 boats equipped
• 1 million nautical miles cumulated experience
• Worldwide deployment

Benefits

• Connecting customers with their boat, their distributor and their brand
• Ensuring traceability and improving boat longevity through preventive maintenance programs
• Driving new product developments through quantitative customer insights

Seanapps: the most widely-established connected fleet

heatmap

Sharing Economy: a year of acceleration

Starting to deliver synergies

Boating Solutions: second House of Brands ramping up

Customer centricity significantly reinforced

Housing division carve-out

French market leader, outperforming the plan

• 12,000+ leisure homes sold in 2023

• €319m of revenues (+24% vs. 2022)

• 12% profitability

Transaction with Trigano would enable

• the Housing division to accelerate its European expansion
• Groupe Beneteau to focus and further accelerate its development in the boat industry

Completion of the transaction is subject to French competition authority approval (decision expected in H1 2024)

2023 financial performance

Nicolas Retailleau Groupe Beneteau CFO

2023, a record financial year

Group key figures resulting from the application of IFRS 5 for the Housing business*

		Before IFRS 5 After IFRS 5
	FY 2023 (pro forma)	FY 2022 (reported data)	Change	FY 2023 (reported data)	FY 2022 (pro forma)	Change
Revenues	1,785	1,508	18.3%	1,465	1,251	17.1%
EBITDA	306	229	33.6%	262	199	32.0%
% of revenues	17.2%	15.2%	+2.0 pts	17.9%	15.9%	+2.0 pts
Income from ordinary operations	246	155	59.2%	207	132	56.9%
% of revenues	13.8%	10.3%	+3.5 pts	14.1%	10.5%	+3.6 pts
Net income from operations held for sale				26	17	51.1%
Net income	182	103	81.4%	185	103	79.4%
% of revenues	10.2%	6.8%	+3.4 pts	12.6%	8.2%	+4.4 pts
Free cash flow	82	28		68	21
Net cash	247	211		234	211

* Following the announcement on May 5, 2023 of the Housing division's sale to Trigano, the Group presents this activity under "Operations held for sale" in its full-year consolidated accounts at December 31, 2023 in accordance with IFRS 5. This transaction is subject to approval by the French competition authorities.

17% revenue growth for the Boat division

Declared dealer stock contribution

+6% structural revenue growth

• Power boat volume €150m
• Sail boat volume + €40m
• Value-driven growth + €190m

+11% exceptional growth post supply chain disruption

• Dealer stock replenishment + €150m
• Foreign exchange rates €11m

Positive outcome from the value-driven strategy

Continuous improvement of Boat division profitability

€m	H2 2023	H2 2022	Change	FY 2023	FY 2022	Change
Boat revenues	652.2	702.7	- 7.2%	1,465.1	1,250.9	+ 17.1%
EBITDA	104.6	106.5	- 1.8%	262.4	198.8	+ 32.0%
% of revenues	16.0%	15.2%	+0.9 pts	17.9%	15.9%	+2.0 pts
Income from ordinary operations	75.6	72.3	+ 4.6%	206.8	131.8	+ 56.9%
% of revenues	11.6%	10.3%	+1.3 pts	14.1%	10.5%	+3.6 pts

€80m of deliveries deferred from the first half to the second half of 2022

+1.3pt improvement in ordinary operating margin in H2 (vs. 2022)

Boat division's record 14% operating margin

Structural improvements boosted by exceptional post-Covid effects

10.5% 14.1% 11.0% €m 207 132 +1.3pts

Income from ordinary operations

+1.3pts from structural improvements

• Value-driven growth +€22m
• Efficiency recovery + €3m Partially limited by dayboating activity in H2 2023

+2.3pts for exceptional effects

•	€/\$ exchange rate variations in 2022	-€12m
•	Dealer stock volume effect	+€44m
•	Outstanding inflation balance	+€25m

• New ERP - €6m

Record net income of €185m

€m	FY 2023	FY 2022	FY 2022
	Reported data	Pro forma	Reported data
Income from ordinary operations*	206.8	131.8	154.7
Other operating income and expenses	0.0	2.4	2.7
Operating income	206.8	134.3	157.4
Financial income and expenses	6.9	-12.2	-12.3
Associates	-0.5	-2.4	-2.4
Corporate income tax	-54.2	-33.3	-39.6
Income from discontinued operations	26.0	16.8	0.0
Consolidated net income	184.9	103.2	103.2
Net Income (Group share)	185.0	103.1	103.1
Net earnings per share (in €/u)	2.23	1.25	1.25

*In accordance with IFRS 5, the Housing business is now presented under "Assets held for sale". Income from ordinary operations reported in FY 2023 (and FY 2022 pro forma) relates to the Boat division.

Net income up 79% (+€82m)

• €7m of financial income (+€19m vs. 2022) benefited from the increase in interest rates in 2023, while 2022 was affected by foreign exchange hedging (-€10m), reflecting the change in €/\$ rates
• Associates: +€2m improvement thanks to financing activities development

IFRS 5 reclassification of the Housing business

• €26m of net income in 2023 (+€6m vs. 2022)
• Under IFRS 5, amortization of Housing division assets is suspended as of May 2023

Proposed dividend: €0.73 (vs. €0.42 paid in 2023)

Solid net cash position, with €247m at end-December 2023

€m -200 -150 -100 -50 0 50 100 150 200 250 300 2015 2016 2017 2018 2019 2020 2021 2022 2023

NET CASH POSITION – END-DECEMBER

€82m of free cash flow (vs. €28m in 2022)

• €205m of operating cash flow for the Boat Division (vs. €150m in '22)
• €55m increase in working capital requirements, linked primarily to the reduction in customer advance payments (-€48m), resulting from a normalization of order book phasing
• €72m of net investments, +€14m vs 2022 mainly to support industrial agility for production capacity (+€10m), as well as building refits and energy saving programs (+€3m).
• €10m of free cash flow for the Housing business (vs. €7m in 2022)

€247m of net cash (+€36m vs December 2022)

• Following the payment of €45m of dividends & share buybacks
• €13m of investments to acquire the Tunisian shipyard, Wiziboat and Yacht Solutions, as well as to increase the interest in Your Boat Club

€856m of shareholders' equity

Continuous improvement of Return on Capital Employed (ROCE)

€m	2023	2023 (bef. IFRS5)	2022	2021	2019
	Dec 31	Dec 31	Dec 31	Dec 31	Aug 31
Revenues	1,465	1,785	1,508	1,227	1,336
Income from ordinary operations	207	246	154	95	82
% of revenues	14.1%	13.8%	10.3%	7.8%	6.1%
Capital employed	436	590	488	400	571
Net fixed assets	329	369	336	323	374
Goodwill	32	95	91	91	91
Working capital requirements	75	126	61	-13	106
ROCE	47%	42%	32%	24%	14%

Strong progress over 4 years

• 17% revenue increase vs. 2022
• Capital employed turnover stable at 3x
• +3.5pt improvement in operational profitability

Driving ROCE higher than 40%

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Outlook

Groupe Beneteau resilient despite market headwinds

Market Conditions

• Dealer inventory reduction plan
• End customers waiting for interest rate reduction before acquiring boats
• Premium market still dynamic
• Sustainable innovation: UX improvement expected to justify the price gap
• Sharing economy penetration continuing to move forward

Groupe BENETEAU

• €100m to €150m dealer stock reduction expected in 2024
• 1. Pursue value-driven growth, launching new models completing the offer on each segment
• 1. Maintain efficiency and competitiveness through agile capacity and cost structure adaptation
• 1. Accelerate the sustainable innovation roadmap, to generate new growth drivers
• 1. Accelerate the development of new boating solutions

4 drivers to further strengthen Group profitability

Pursue value-driven growth, completing the range

• FOUR WINNS Twin Hull & deckboat range
• WELLCRAFT Adventure & Sport new segment

Dayboating Real Estate on the Water Sailing

• PRESTIGE F-Line (F5) & M-Line range (M7)
• BENETEAU Swift Trawler 54

• LAGOON 60
• EXCESS
• BENETEAU First

10 new models positioned on new segments, out of 20 new launches in 2024-2025

Accelerate the sustainable innovation roadmap

• Investment in Candela to scale up electric foiling (-80% CO2 emissions during usage)

• Develop Displacement Boat Range: New Swift Trawler 54 (-15% drag reduction)

• Pursuing the 100% recyclable resin roadmap with Oceanis Yacht 60

CO² emission intensity reduction trajectory: -30% by 2030

Accelerate the development of new boating solutions

Boat Clubs

• Double-digit sales growth
• New locations & increase in memberships

Charters

• Single-digit sales growth
• Pursue profitability turnaround

Custom-made & refit

• Develop Yacht Solutions
• Launch Refit programs for 60'+ in Monfalcone

Generate recurring revenues and reinforce customer relationships

Further improve operational efficiency and agility

Already achieved Build on progress

• House of Brands implemented
• Rational product development
• Flexible footprint in France
• Small parts integration (Poland / Tunisia)

• Social innovation (multi-year)

• Finalize Monfalcone shipyard transformation

• Ramp up recent acquisitions (Portugal, Tunisia)
• Reinforce US competitiveness
• Roll out the ERP
• Focus development for each segment

Continuous improvement roadmap clearly defined

Robust value creation strategy despite revenue headwinds

• Value-driven growth on each segment
• Leading sustainable innovation roadmap
• Synergistic expansion on new boating solutions
• Clear cost efficiency roadmap to pursue

Remaining in a 7% to 10% operating margin range in 2024, and confirming a double-digit performance from 2025

APPENDICES

Boat division revenue by activities & geographies

	2023 2022	Change
		Reported data	Constant exchange rates
1,465.0	1,250.9	+ 17.1%	+ 18.0%
674.6	515.2	+30.9%	+31.3%
761.9	708.9	+7.5%	+8.8%
28.5	26.8	+ 6.6%	+ 6.6%
		Change
2023	2022	Reported data	Constant exchange rates
1,465.0	1,250.9	+ 17.1%	+ 18.0%
725.4	613.2	+ 18.3%	+ 18.3%
443.2	424.4	+ 4.4%	+ 6.9%
166.4	135.9	+ 22.4%	+ 22.6%
130.0	77.4	+ 68.0%	+ 68.0%

Housing division confirming its trajectory

€m	FY 2023	FY 2022	Change
Housing revenues	319.6	257.2	+ 24.2%
France	255.8	192.1	+ 33.2%
Export	63.7	65.1	- 2.1%
EBITDA	43.9	30.4	+ 44.4%
% of revenues	13.7%	11.8%	+1.9 pts
Income from ordinary operations	39.3	22.8	+ 72.3%
% of revenues	12.3%	8.9%	+3.4 pts

Revenues up +24%

• Positive trends continued on the camping tourism markets
• Product mix improvement and inflation's impact on sales prices
• Sales recovery in 2023 after Luçon fire impacting 2022

Income from ordinary operations up +72% (+3.4pts)

• Contribution from Growth
• Improvement in sourcing conditions
• Operational performance improvement

*In accordance with IFRS 5, the Housing business is now presented under "Assets held for sale". Income from ordinary operations is now consolidated only at Group Net Income level