Bénéteau

Investor Presentation • Sep 27, 2023

Business and financial results First half of 2023

September 27, 2023

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.

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Contents

2023 FIRST-HALF BUSINESS AND FINANCIAL RESULTS

General position at September 27

2023 first-half financial results (January 1 – June 30)

Outlook

OCEANIS 37.1

Bruno Thivoyon Groupe Beneteau CEO

Excellent results for H1 2023 / 2025 roadmap continuing to move forward

• First half of 2023: an excellent performance

• Revenues* up 44%
• Income from ordinary operations more than doubled
• €56m of free cash flow generated

• Full-year forecasts for 2023

• Growth confirmed (+16%)
• Target operating margin now around 12% (vs 11.5% previously)

• Outlook: value growth strategy confirmed

• Increase in interest rates: destocking by dealers expected for 2024
• Value growth strategy: premiumization continuing to progress and confirming the 2025 roadmap
• CSR approach: first concrete effects and acceleration
  • Recycled resins: Second model released and first production line ramped up
  • Continued ISO 14001 and 50001 certification and low-carbon roadmap accelerating
  • Further alternative propulsion systems
• New business lines
  • Digital: 6,000 boats fitted with Seanapps, 500 dealers connected
  • Usage: Boat Clubs ramping up

Rational and ambitious growth 2 solid drivers for sustainable performance

80% of Boat revenues come from units >30''

2. Optimized use of our assets

~130 models (vs. 180 in 2019)

International plants with multiple assembly lines

CAPEX & depreciation c.-15% vs. 2019

Agility and efficiency

F4

7

Financial results 02

Nicolas Retailleau Boat Division CFO

Excellent first-half financial performance

• Revenues up 43.8%, driven by the strong rate of deliveries, the premiumization of products and the improvement in sourcing conditions
• Income from ordinary operations doubled, thanks to a value growth strategy, a still favorable inflation balance, and an improved level of operational efficiency
• €56m of first-half free cash flow, up +€99m vs. H1'22. Solid net cash of €236m, up +€91m vs. June 2022

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

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

	Before IFRS 5			After IFRS 5
	H1 2023 (pro forma)	H1 2022 (reported data)	Change	H1 2023 (reported data)	H1 2022 (pro forma)	Change
Revenues	1,028.3	715.2	43.8%	812.9	548.2	48.3%
EBITDA	191.2	115.9	64.9%	157.8	91.9	71.8%
% of revenues	18.6%	16.2%	2.4pts	19.4%	16.8%	2.7pts
Income from ordinary operations	163.4	79.9	104.4%	131.2	59.1	121.9%
% of revenues	15.9%	11.2%	4.7pts	16.1%	10.8%	5.4pts
Net income from operations held for sale				21.2	15.7	35.5%
Net income	117.1	52.9	121.6%	117.1	52.9	121.6%
% of revenues	11.4%	7.4%	4.0pts	14.4%	9.6%	4.8pts
Free cash flow	56.4	-42.5		56.4	-42.5

* Following the announcement on May 5, 2023 of the Housing division's sale to Trigano, the Group presented this activity under "Operations held for sale" in its half-year consolidated accounts at June 30, 2023 in accordance with IFRS 5. This transaction is subject to approval by the competition authorities.

Continued value growth for the Boat division Consistent progress across the segments and regions

€m		H1 2022	Change
	H1 2023		Reported data	Constant exchange rates
BOAT REVENUES	812.9	548.2	+ 48.3%	+ 47.8%
Sailing	44%	43%
Motor	56%	57%

			Change
H1 €m 2023 2022		H1	Reported data	Constant exchange rates
Boat revenues	812.9	548.2	+ 48.3%	+ 47.9%
Europe	434.2	293.5	+ 47.9%	+ 47.9%
Americas	230.5	157.1	+ 46.7%	+ 45.2%
Other regions	74.0	53.5	+ 38.2%	+ 38.1%
Fleets	74.3	44.0	+ 68.6%	+ 68.6%

SAILING (+55%)

• Benefiting from the industrial capacity increases rolled out in 2022
• Upturn in sales to charter professionals (+69%)
• Acceleration in growth for the EXCESS brand, which tripled its sales during the first half of this year

MOTOR (+45%)

• Continued premiumization for the Dayboating segments
• Development of the distribution networks of our leading brands in the US and the American brands in Europe
• Resumption of deliveries of large units for the Real Estate on The Water segments
• Strong demand for power catamarans

Note: €80m of billing deferred from H1 to H2 in 2022

Continued value growth for the Boat division Income from ordinary operations doubled

	H1 2023		Change
€m		H1 2022	Reported data	Constant exchange rates
BOAT REVENUES	812.9	548.2	+ 48.3%	+ 47.8%
EBITDA	157.8	92.3	+ 71%	+69.5%
% EBITDA / revenues	19.4%	16.8%	+2.6pts
Income from ordinary operations	131.2	59.5	+ 120.4%	+118.2%
% income from ordinary operations / revenues	16.1%	10.9%	+5.2pts

EBITDA up +2.6pts

• Growth in business
• Operational performance
• Depreciation expenses stable and non-cash items reduced

Income from ordinary operations over 16% in H1 2023 (+5.2pts vs. H1 2022)

Continued value growth for the Boat division Income from ordinary operations more than doubled

GROWTH IN BUSINESS	+€60m
Improvement in sourcing	+€14m
Business value growth	+€46m
OPERATIONAL PERFORMANCE	+€9m
Inflation balance and efficiency	+€17m
Development of new ERP	-€8m

FOREIGN EXCHANGE EFFECT +€1m

Increased profitability for the Housing business

€m	H1 2023	H1 2022	Change
HOUSING REVENUES	215.4	167.0	+ 29%
France	173.8	125.3	+ 38.7%
Export	41.5	41.7	- 0.3%
EBITDA	33.9	23.6	+ 43.3%
% EBITDA / revenues	15.7%	14.2%	+1.6 pts
Income from ordinary operations % income from ordinary	32.2	20.4	+ 57.8%
operations / revenues	15.0%	12.2%	+2.7 pts

REVENUES* UP +29%

• Robust trends continuing for the camping tourism markets
• Inflation's impact on sales prices
• Increase in production capacity (Saint-Hermine restarted in Q1'22)

ORDINARY OPERATING MARGIN* PROGRESSING (+2.7PTS)

• Effective management of the inflation balance
• Improvement in sourcing conditions
• Increase in production capacity and contribution by growth

€117m of net income for the first half of 2023

€m	H1 2023 Reported data	H1 2022 Pro forma	H1 2022 Reported data
Income from ordinary operations*	131.2	59.1	79.9
Other operating income and expenses	-0.1	0.0	0.0
Operating income	131.1	59.1	79.9
Financial income and expenses	1.5	-5.9	-5.9
Associates	-0.9	-2.2	-2.2
Corporate income tax	-35.8	-13.9	-19.0
Income from discontinued operations	21.2	15.7	na
CONSOLIDATED NET INCOME	117.1	52.8	52.8
NET INCOME (GROUP SHARE)	117.1	52.9	52.9
Net earnings per share	1.45	0.64	0.64

NET INCOME UP €64M

• Financial income and expenses benefiting from the increase in interest rates and the stability of €/\$ rates in H1'23 (vs. -€5.1m for foreign exchange hedging in H1'22)
• Associates: continued improvement for rental activities now back to pre-Covid levels

IFRS 5 RECLASSIFICATION OF THE HOUSING BUSINESS

• €21.2m of net income in 2023 (+€6m vs. 2022)

*In accordance with IFRS 5, the Housing business is now presented under "Assets held for sale". Income from ordinary operations reported in H1 2023 (and H1 2022 pro forma) relates to the Boat division.

€236M OF NET CASH AT END-JUNE 2023 up €91m vs. June 2022

NET CASH POSITION – END OF PERIOD

€56M OF FREE CASH FLOW (vs. -€43m in H1'22)

• €131m of Boat income from ordinary operations, up €72m vs. H1'22
• -€6m of net investments in line with H1'22
• -€61m change in working capital requirements, with a €28m improvement vs. H1'22, including increase in inventory levels
• -€6m of tax and other expenses (vs. -€5m for H1'22)
• -€3m from the Housing business (vs. -€1m for H1'22)

€795M OF SHAREHOLDERS' EQUITY (vs. €706m at end-June 2022)

Outlook

03

Bruno Thivoyon Groupe Beneteau CEO

Outlook for 2023

Revenues (unchanged)

• Boats: €1,450m, +16% vs. 2022
• Housing: >€300m, >16% vs. 2022
• Group (like-for-like): >€1,750m, +16% vs. 2022

Income from ordinary operations improved

• Boats: 12% (vs. 11.5% previously)
• Housing: >11% (vs. >10% previously)
• Group (like-for-like): >€210m (vs. >€200m previously)

2024 trends

Market adopting a more wait-and-see approach

Continued increase in interest rates

Continued contraction in retail volumes on the American Dayboating market

Volume of inventory at pre-Covid levels with dealers: destocking expected in 2024

Groupe Beneteau more solid and more agile

Continued premiumization with around 20 new models per year

Good response to new models at the shows: high number of plans for boat use

~10% mix effect included in the order book

Operational excellence: 2025 roadmap continuing to move forward

Strong progress made with the 2025 roadmap around each strategic pillar

Continued value-driven growth strategy for the Boat division 2 iconic new models presented at the first autumn shows

Premiumization PRESTIGE M8 Cannes 2023

Sustainability JEANNEAU SUN FAST 30OD Le Grand Pavois 2023

Premiumization 03/ Outlook

21

M8

B•Sustainable 03/ Outlook

03/ OUTLOOK | September 27, 2023 03/ OUTLOOK | 27 September 2023

B-Sustainable: Ramping up our holistic approach

Production

Materials

Naval architecture

Alternative propulsion

ISO 14001 and 50001 certification extended to cover the Bordeaux site

1 st ISO 14001 certified yard (since 2012)

>75% Boat division activity certified ISO 14001 (environment)

Industrialization of recyclable resin

Standard boat builder polyester

Widespread adoption of a cutting-edge technology

Multihull

Widespread adoption of a cutting-edge technology

Naval architecture

Foils

JEANNEAU NC37

32

Groupe Beneteau & Volvo Penta partnership for a new parallel hybrid propulsion solution

3solutions

• 100% electric
• Series hybrid
• Parallel hybrid

4segments For our

Boating Solutions 03/ Outlook

Our developments in Services are continuing to move forward Accelerating our investments in Boat Clubs

Our developments in Services are continuing to move forward in synergy with Groupe Beneteau's entire ecosystem

Our developments in Services are continuing to move forward to offer boating experiences to over 10,000 members within 5 years

2025 roadmap confirmed

Boat Division

Revenues: €1.5-1.65bn

Income from ordinary operations: 11.5% (upper range of revenues)

Boating Solutions

consolidated on an equity basis Revenues: €0.3bn Income from ordinary operations: 6%

Next date

November 8, 2023

• 2023 third-quarter revenues
• Press release followed by a conference call

Appendices

04/ APPENDICES | September 27, 2023

04/ APPENDICES | September 27, 2023

04/ APPENDICES | September 27, 2023

FINANCIAL GLOSSARY

AT CONSTANT EXCHANGE RATES Change calculated based on figures for the period from January 1, 2022 to June 30, 2022 converted at the exchange rate for the first half of 2021 (January 1, 2021 – June 30, 2021).

• EBITDA Earnings before interest, taxes, depreciation and amortization, and IFRS 2 and IAS 19 adjustments following IFRS GAAP, i.e. income from ordinary operations restated for allocation / reversal of provisions for liabilities and charges, depreciation charges and IFRS GAAP (IFRS 2 and IAS 19).
• FREE CASH FLOW Cash generated by the company during the reporting period before dividend payments, changes in treasury stock and the impact of changes in scope.
  • NET CASH Cash and cash equivalents after deducting financial debt and borrowings, excluding financial debt with floor plan-related financing organizations.
• GLOBAL ORDER BOOK Invoiced since the start of the year and to be delivered during the current financial year and subsequent periods

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