Bénéteau

Investor Presentation • Mar 22, 2023

2022 FULL-YEAR BUSINESS AND FINANCIAL RESULTS March 22, 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.

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 contain the words "anticipate", "believe", "intend", "estimate", "expect", "project", "plan" and other similar expressions. By their nature, forwardlooking 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 forwardlooking statements.

CONTENTS

• 01 Growth and profitability across all activities in 2022
• 02 B·Sustainable: ambitious and transformative CSR strategy
• 03 Robust growth confirmed for 2023

2022 performance stronger than expected across all of the Group's activities

REVENUES	GROUP INCOME FROM ORDINARY OPERATIONS
€1,508m +22.9% +19.4% at constant exchange rates	€154.7m 10.3% of revenues +61.5% and +2.5 pts
NET INCOME (GROUP SHARE)	FREE CASH FLOW* NET CASH
€103.1m 6.8% of revenues	+€28.3m €211.2m

• Revenues up 23%, driven by an excellent performance by the Boat (+22%) and Housing (+41%) divisions
• Income from ordinary operations of 10.3%, up 2.5 pts (consistent across both divisions), thanks to the increase in activity, the effective management of inflation and a favorable change in exchange rates
• Net income growth of over 40%
• Solid net cash position of over €211m, positive free cash flow factoring in a normalization of finished product inventory levels (+€83m)

BOAT DIVISION Double-digit profitability from 2022, following a record end to the year

			Change
€m	2022	2021	Reported data	Constant exchange rates
BOAT REVENUES	1,250.9	1,044.7	19.7%	15.6%
Sailing	42%	43%
Motor	58%	57%
BOAT INCOME FROM ORDINARY OPERATIONS	131.8	84.7	+55.7%
% income from ordinary operations / revenues	10.5%	8.1%

REVENUES UP +20% (+16% AT CONSTANT EXCHANGE RATES)

• Motor business up +16% (at constant exchange rates), driven by the robust development of Dayboating and the premiumization of the various segments
• Sailing business up +15% (at constant exchange rates), supported by the upturn in sales to charter professionals and the multihull market's dynamic development

BOAT DIVISION INCOME FROM ORDINARY OPERATIONS UP 2.4 PTS TO 10.5%

REVENUES - BOAT DIVISION

				Change
€m	2022	2021	Reported data	Constant exchange rates
Boat revenues	1,250.9	1,044.7	+ 19.7%	+ 15.6%
Europe	613.2	560.2	+ 9.5%	+ 9.4%
Americas	424.4	301.3	+ 40.9%	+ 27.0%
Other regions	135.9	124.5	+ 9.2%	+ 8.5%
Fleets	77.4	58.7	+ 31.8%	+ 31.8%

EUROPE (+9.5%)

• Catch-up with billing over the second half of the year (+31%) following a first six months affected by the supply chain disruption
• Rationalization of the brand portfolio (Monte Carlo Yachts and CNB Yachts)

NORTH AND CENTRAL AMERICA (+27% AT CONSTANT EXCHANGE RATES)

• Continued development of the Dayboating segments
• Growth for the American brands
• Penetration by the BENETEAU, JEANNEAU and LAGOON brands

FLEETS (+31.8%)

• Return to growth in sales with charter professionals

HOUSING DIVISION Strong demand in France and expansion on international markets

			Change
€m	2022	2021	Reported data
HOUSING REVENUES	257.2	182.4	+ 41.0%
France	192.1	135.8	+ 41.5%
Export	65.1	46.7	+ 39.5%
HOUSING INCOME FROM ORDINARY OPERATIONS	22.8	11.1	+105.9%
% income from ordinary operations / revenues	8.9%	6.1%

+41% REVENUE GROWTH

• "V-shaped" market upturn continuing
• Positions further strengthened on a dynamic French market, despite the impact of the Luçon fire
• Strong growth for exports (Southern Europe), which represent one quarter of the Division's sales

HOUSING DIVISION INCOME FROM ORDINARY OPERATIONS UP 2.8 PTS TO 8.9%

Income from ordinary operations growth of over 60% to €155m 10.3% of revenues (+2.5 pts)

OPERATIONAL PERFORMANCE AND GROWTH	+€39m
Boat and Housing division growth	+€21m
Continued reduction in depreciation	+€5m
Operational performance and inflation balance	+€13m

NON-RECURRING ITEMS	+€21m
Launch of the Industrial hub in Portugal	-€5m
New ERP launch costs	-€6m
Positive impact of exchange rates	+€31m

NET INCOME UP +40% TO €103M

€m	2022 Reported data	2021 Reported data
Income from ordinary operations	154.7	95.8
Other operating income and expenses	2.7	1.3
Operating income	157.4	97.0
Financial income and expenses	-12.3	-2.5
Associates	-2.4	3.9
Corporate income tax	-39.6	-25.1
Consolidated net income	103.2	73.3
Net income (Group share)	103.1	73.4
Net earnings per share	1.25	0.89

• Recognition of margins recorded on the last MCY sales as non-current items
• Financial income and expenses: income from foreign exchange hedging (-€10m) impacted by the change in the €/\$
• Associates: contribution by the Charter, Boat Club and Financing activities picking up.

NET INCOME PER SHARE UP +40%

• Payment of a dividend of €0.42 per share to be submitted for approval at the Combined General Meeting on June 17, 2023, up +40% vs. €0.30 per share in 2022.

SOLID NET CASH POSITION, WITH €211M AT END-DECEMBER 2022

€28M OF FREE CASH FLOW

• €175m of operating cash flow
• €76m increase in working capital requirements, linked to a normalization of finished product inventory levels (€83m) and the securing of raw materials (€27m), offset by other working capital items
• €69m of investments, including €7m to finalize the plan to restart Sainte-Hermine (Housing)

€211M OF NET CASH

• following the payment of €24.5m of dividends

€706M OF SHAREHOLDERS' EQUITY

32% RETURN ON CAPITAL EMPLOYED (ROCE)

€m	2022 (Dec 31)	2021 (Dec 31)	2019 (Aug 31)
Revenues	1508.1	1227.1	1336.2
Income from ordinary operations % income from ordinary	154.7	95.8	82.0
operations	10.3%	7.8%	6.1%
Capital employed	488.5	400.2	571.3
Net fixed assets	336.1	323.0	373.8
Goodwill	91.0	90.8	91.1
Working capital requirements	61.3	-13.5	106.4

ROCE	32%	24%	14%
ROCE (excluding goodwill)	39%	31%	17%

STRONG PROGRESS WITH ROCE OVER 3 YEARS

• Increase in revenues (+13% vs 2019)
• Improvement in operational profitability (+4.2 pts vs 2019)
• Rationalization of investments (-10% net fixed assets vs 2019)
• Effective management of working capital requirements (-42% vs 2019)

Whistleblowing

Ethical Growth

B-SUSTAINABLE CSR STRATEGY | March 22, 2023

CSR APPROACH an ambitious and transformative strategy

			Compliance training >95%	•
Preserved Oceans	Trajectory		% CSR-certified purchases > 50% (2025)	
100 boats made with recyclable resin (2025)			12m warranty costs <0.54% (2025)	
Waste recycling >70% (2025)	
VOC emissions < 70 (2025)	•
Scope 1&2 Low Carbon Alignment (2030)	
Alternative propulsion offer 100% models (2030)	
Contribution to protecting the marine			Engaged Crew	Trajectory
ecosystem	(tbd)		Accident frequency <20 (2025)	
			Talent retention > 92% (2025)	•
			Development >17h/pers. (2025)	•
			Gender equality index >85	

Current trajectory on track to achieve the target set

• Current trajectory below target set

Trajectory

B-SUSTAINABLE CSR STRATEGY | March 22, 2023

ENGAGED CREW Ensuring a safe workplace for our teams

25% improvement in 2022 2025 new target (-15%)

B-SUSTAINABLE CSR STRATEGY | March 22, 2023

PRESERVED OCEANS

Innovations prioritized, recognized with awards and industrialized

Priority pillars:

• 1. Alternative propulsion 1
• 1. Bio-sourced, recycled and/or recyclable materials 2
• 1. Reduction in emissions for Scope 1&2 3

Source: Groupe Beneteau (Jeanneau Yacht 55 and MerryFisher7), Consulting firm: Briand Yacht Services (MarineShift) Key assumptions: Lifespan: 30 years, Hull: traditional composite, Monohull use ~30days/year (75% sailing / 25% motor) / Dayboat: 36h motor/year,

DAYBOATING WELLCRAFT 355

ROBUST GROWTH FOR 2023

OUTLOOK FOR 2023 | March 22, 2023

Robust growth confirmed for 2023

• Order book growing
• Continued premiumization: very good response to new models
• Dealership inventory back up to pre-Covid levels
• Growth in rental activities and positive contribution expected from associates
• Housing division on track for €300m of revenues

OUTLOOK FOR 2023 | March 22, 2023

Value growth strategy for the Boat division consolidated by the response to the new models at the shows

PREMIUM SEGMENTS JEANNEAU DB (37 & 43)

POWER CATAMARANS PRESTIGE M48 & M8

PREMIUMIZATION JEANNEAU Yachts 55, OCEANIS YACHT 60

SUSTAINABILITY and ramp-up (LAGOON 51 & 55)

AMERICAN BRANDS FOUR WINNS H2E, TH36 WELLCRAFT 355 & 435

DELPHIA, MINDFUL CRUISING 100% electric models (DELPHIA 10 & 11)

FIRST RANGE RENEWED and recognized with multiple awards (FIRST36 & FIRST44)

PENETRATION BY EXCESS No.5 on the sailing multihull market (EXCESS 14)

The Group is continuing to move forward in line with the heading set for 2025

REVENUE GROWTH >10% IN 2023

• Boats: growth >10% vs. 2022 (at constant exchange rates)
• Housing: growth >15% vs. 2022
• Group revenues expected to top €1,660m

ORDINARY OPERATING MARGIN

• Boats: 10.5%, higher than 2022 (excl. non-recurring exchange effect)
• Housing: 9.5%, up +0.6 pts
• Group income from ordinary operations >€170m, +11% vs 2022

2023 TRAJECTORY IN LINE WITH THE HEADING SET FOR 2025

• €1.8bn €2bn of revenues in 2025
• 11.5% income from ordinary operations, in the upper range of revenues

Next dates

MAY 10, 2023

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

JUNE 15, 2023

Combined General Meeting

Appendices

APPENDICES | March 22, 2023

CASH POSITION

€m	FY 2022	FY 2021
	Reported data	Reported data
Operating cash flow	175.3	148.9
Net cash flow from investments	-69.4	-50.7
Change in working capital	-75.6	83.7
Other	-2.0	-5.5
Free cash flow	28.3	176.3
Dividends / treasury stock	-38.5	1.0
Change in scope	-0.1	-47.9
Change in net cash	-10.3	129.3
Opening net cash adjustment	-0.9	-0.4
Opening net cash position	222.4	93.4
Closing net cash position	211.2	222.4

APPENDICES | March 22, 2023

FINANCIAL GLOSSARY

AT CONSTANT EXCHANGE RATES Change calculated based on figures for the period from January 1, 2022 to December 31, 2022 converted at the exchange rate for the same period in 2021 (January 1, 2021 – December 31, 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.
  • ROCE Return on capital employed, i.e. the ratio between income from ordinary operations and the level of capital employed (net fixed assets including goodwill + working capital requirements).
• 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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