Bénéteau

Investor Presentation • Jul 9, 2020

JULY 9, 2020

ANNEXES – 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 constructed 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 include 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, 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 forwardlooking statements. Such forward-looking statements are formulated exclusively on the date of this document and the Group makes no undertaking in any way to supplement them, modify them, update them or revise them, whether to reflect changes in the Group's expectations or changes relating to any events, conditions or circumstances on which such forward-looking statements are based.
• The strategic orientations that are reflected in the plan presented in this Presentation have been presented to the employees' representatives during a meeting of the Group's Committee (Comité de Groupe). All decisions relating to this plan will be taken in due course and in strict compliance with the applicable labor laws and regulations.

VISION AND AMBITION INTACT

LET'S GO BEYOND!

OUR MISSION

Offer everyone the opportunity to share moments of joy and discovery on the water. Facilitate access to the world of boating by creating simple and innovative solutions for life, with respect for nature.

TOMORROW GLOBAL BRANDS

SPECIFIC AND COMPLEMENTARY POSITIONINGS

100% OF OUR BOATS CONNECTED

ALTERNATIVE PROPULSION SOLUTIONS

WIDE RANGE OF SERVICES DEVELOPED WITH OUR DISTRIBUTION NETWORKS

TOMORROW RATIONAL AND FLEXIBLE INDUSTRIAL FOOTPRINT

BETTER PLANT EFFICIENCY

25% QUICKER DEVELOPMENT

OPERATIONAL PROFITABILITY UP TO OVER 10% OF REVENUES

Groupe Beneteau will have created more wealth to be shared

with its staff and its shareholders.

STRATEGIC PLAN - JULY 9, 2020 9

BRANDS AND PRODUCTS

HOUSE OF BRANDS

FOCUS ON BUOYANT MARKET SEGMENTS

STRENGTHEN AND RATIONALIZE

ICONIC RANGES

4 STRATEGIC MARKETS

INTERNATIONAL MODELS

INNOVATION MANAGEMENT

BRANDS AND PRODUCTS

BRANDS WITH STRONG IDENTITIES

BRANDS AND PRODUCTS

4 STRATEGIC MARKETS

DAYBOATING REAL ESTATE

ON THE WATER

MONOHULL SAILING

MULTIHULL SAILING

BRANDS AND PRODUCTS / 4 STRATEGIC MARKETS

Dayboating

REAL ESTATE ON THE WATER

MONOHULL SAILING

BRANDS AND PRODUCTS / 4 STRATEGIC MARKETS / DAYBOATING

JEANNEAU Cap Camarat 12.5

BRANDS AND PRODUCTS / 4 STRATEGIC MARKETS / DAYBOATING

FOUR WINNS

Offering completely rethought

BRANDS AND PRODUCTS / 4 STRATEGIC MARKETS / DAYBOATING

WELLCRAFT 352 F

BRANDS AND PRODUCTS / 4 STRATEGIC MARKETS

Real estate on the water

BENETEAU Grand Trawler 62

MULTIHULL SAILING

STRATEGIC PLAN - JULY 9, 2020 26

26

STRONG POSITIONS

PERFORMANCE First

Oceanis CRUISING

LUXURY Oceanis Sun Odyssey

Sun Loft

29

BRANDS AND PRODUCTS / 4 STRATEGIC MARKETS / MONOHULL SAILING

INNOVATION MANAGEMENT

4 CORE PILLARS

BRAND EQUITY

DENSIFICATION OF PRESENCE

GLOBAL BRANDS INTERNATIONAL MODELS

CENTRALIZED INNOVATION MANAGEMENT

The Let's Go Beyond! plan enables us to cover as many market segments with a more rational, targeted approche, while concentrating investments on fewer models.

USING OUR OPERATIONAL ASSETS BETTER

ADAPTING OUR PRODUCTION CAPACITY IN LINE WITH VOLUMES

SIMPLIFYING THE ORGANIZATION FOR INDUSTRIAL OPERATIONS

TO RESPOND TO THE BRANDS & PRODUCTS STRATEGY

3 PERFORMANCE DRIVERS

BETTER COLLABORATION FOR MARKETING & PRODUCT DEVELOPMENT

INDUSTRIALIZATION MODELS FOR EACH BOAT CATEGORY

DEVELOPMENT OF SHARED SYSTEMS

TO RESPOND TO THE BRANDS & PRODUCTS STRATEGY

ADAPTING PRODUCTION CAPACITY IN LINE WITH VOLUMES

IN AN UNCERTAIN MARKET ENVIRONMENT

ADAPTING PRODUCTION CAPACITY TO VOLUME DECREASES

REDUCING FIXED COST

Corinne Margot Chief HR & Communications Officer

FUNCTIONAL ORGANIZATION & STEERING

FUNCTIONAL ORGANIZATION & STEERING

GLOBAL LEADERSHIP WITH GLOBAL FUNCTIONS TO STRENGTHEN SYNERGIES AND CONSISTENCY

▶Jérôme De Metz Chairman and CEO

▶ Jean-Paul Chapeleau Deputy CEO Industrial Operations and Development

▶ Gianguido Girotti Deputy CEO Brands and Products

▶ Corinne Margot Chief HR and Communications Officer

▶ Bruno Thivoyon Chief Financial Officer

BRANDS & PRODUCTS: TEAMS GROUPED TOGETHER BY AREAS OF EXPERTISE

PRODUCTS AND BRANDS DEPARTMENT

Gianguido Girotti

OBJECTIVES:

• Improve the product plan's global definition
• Pool skills
• Optimize resources

SALES: SPECIFIC TEAMS FOR EACH BRAND

INDUSTRIAL OPERATIONS AND DEVELOPMENT: GUIDED BY A FOCUS ON EFFICIENCY

ORGANIZATION

LESS HIERARCHICAL LEVELS

MORE TRANSVERSALITY

MORE SYNERGIES

BIO HABITAT EUROPEAN LEADER FOR LEISURE HOME PRODUCTION

2018-19 REVENUES

LEISURE HOMES DELIVERED 18% of revenues GENERATED BY EXPORTS

THREE BELIEFS

GUARANTEED FUTURE FOR THE CAMPING MARKET

WINNING POSITIONING WITH 3 BRANDS

OUTDOOR HOSPITALITY INDUSTRY TO BOUNCE BACK QUICKLY

3 ICONIC BRANDS, COVERING ALL SEGMENTS

Bare pitches section

Complementary offering Smart brand Sold as long-term rental

Standard leisure home section

General brand Core market benchmark Best value for money

CAMPING, A SUSTAINABLE CERTAINTY FOR TOURISM IN FRANCE

NUMBER OF OVERNIGHT STAYS IN FRANCE

SPREAD FOR AVERAGE INCOME PER PITCH EQUIPPED / NON-EQUIPPED

Renewal product for 65% of the existing fleet (390,000 leisure homes installed)

Potential still strong,

including the 1,000 most equipped campsites

*Benchmark 1,000 campsites

POSITIVE DRIVING FORCES, RISING SALES PRICES

% overnight stays (CAGR 2010-18)

% for 4* and 5* campsites (CAGR 2015-18)

• Reduction in number of bare pitches
• Larger leisure homes
• More comfortable leisure homes
• Personalized leisure homes

*Benchmark 1,000 campsites

OUR 5-YEAR PROJECT GROWTH IN FRANCE AND EXPANSION IN EUROPE

FRANCE

• Consolidate our leadership by positioning ourselves with a market share of over 50%
• Reposition quality at the heart of our standards
• Cover all market segments
• Anticipate needs through innovation

BENELUX

• Establish a position on the market for 2,500 sales/year with French key accounts
• Achieve +30% sales growth vs 2019

ITALY & CROATIA

• Develop our presence on a market with 4,500 sales/year
• Take action with European tour operators and major clients
• Achieve +50% sales growth vs 2019

IMPACT OF THE COVID-19 CRISIS ON THE LEISURE HOME MARKET AND OUR BUSINESS

The lockdown forced production to be temporarily shut down at all our sites from March 17 to May 4, with staff placed on furlough.

Campsites have been affected by their opening being delayed to June 2, with losses estimated at 20% of turnover.

The crisis is expected to have a long-term impact on campsite investment in leisure homes next year.

For next season, with the downturn in activity, we need to look at plans to reduce costs.

MANAGING THE CRISIS, AMBITION UNCHANGED

COME THROUGH THE CRISIS WHILE RETAINING OUR KEY SKILLS AND INDUSTRIAL CAPABILITIES

TARGETED ACTIONS TO OPTIMIZE OUR ORGANIZATION, PARTICULARLY IN TERMS OF SALES AND AFTER-SALES SERVICE LOGISTICS

BIO HABITAT, PIONEERING PARTNER FOR CAMPSITES MAJOR INNOVATIONS FOR THE DEVELOPMENT OF CAMPING

DESIGN EVOLVING ALONGSIDE IMPROVED COMFORT

From imitating small houses to integrating with the landscape

DEVELOPMENT OF A RANGE OF SERVICES AROUND THE PRODUCT

OUR ROLE ALONGSIDE THE INDUSTRY

IMAGINE TOMORROW'S HOLIDAY SOLUTIONS

ORGANIZE DECONSTRUCTION WITH ECO-MH

ECO-RESPONSIBLE OUTDOOR ACCOMMODATION

ECO-CONSTRUCTION

LANDSCAPE INTEGRATION

ACCOMMODATION SOLUTIONS FOR PITCHES CLASSED AS AT-RISK AREAS

OBJECTIVE: ISO 14001 CERTIFICATION

A SEVERE CRISIS, A WINNING PLAN

PROGRESS WITH FINANCIAL RESULTS BEFORE THE COVID-19 CRISIS

• Income from ordinary operations up +1.2 pts in Feb 2020 vs Feb 2019
• Without the crisis, operating margin > 8%

IFRS (€m)	Feb 2019	2019 full-year	Feb 2020
Revenues	92.1	192.5	97.1
Income from ordinary operations	7.7	13.1	9.3
% income from ordinary operations / revenues	8.4%	6.8%	9.6%

EFFECTIVELY MANAGED LANDING IN 2020

• Revenue contraction limited to around 13% to 14%
• Positive income from ordinary operations

IMPACTS OF THE CRISIS MITIGATED IN 2021 BY THE COST REDUCTION MEASURES, RESULTING FROM:

• Optimization of our industrial roadmap, carried out in 2019
• Purchasing and after-sales service productivity plan, launched in 2020
• Optimization of our organization planned

2025 OBJECTIVE REVENUES OF AROUND €240M OPERATIONAL MARGIN > 10% BUILT AROUND:

• Market share growth in France
• Volume growth of almost 40% on export markets, particularly Italy and Northern Europe

Jérôme de Metz Chairman and CEO

ENVIRONMENTAL COMMITMENT

Groupe Beneteau intends to establish itself as a pioneer for sustainable recreational boating and environmentally responsible leisure homes.

Jérôme de Metz, Chairman and CEO

DECONSTRUCTION SECTOR

ACTIVE PARTICIPATION BOATS & LEISURE HOMES

CHAIRING OF EXECUTIVE BODIES APER & ECO-MH

CO-DESIGNING ALTERNATIVE PROPULSION SOLUTIONS

DEVELOPING WASTEWATER SOLUTIONS

PRODUCTION

IMPROVING ENERGY EFFICIENCY

REDUCING POLLUTING EMISSIONS

CERTIFICATION

ISO 9001 QUALITY

ISO 14001 ENVIRONMENTAL MANAGEMENT

ISO 50001 ENERGY MANAGEMENT

2020, LET'S GO BEYOND!

SIGNING UP TO THE UNITED NATIONS GLOBAL COMPACT

SUSTAINABLE DEVELOPMENT INTEGRATED WITHIN THE COMPANY PROJECT

Gianguido Girotti Deputy CEO Brands and Products

DIGITALIZATION AND INNOVATION

2025 AMBITION BUILT AROUND 5 PILLARS

USER-CENTRIC APPROACH	CRM rolled out across all our brands • Unified 360° client vision between our brands, consolidating offline and online information • Marketing automation: personalized and automated customer experience
LEAD GENERATION	Developing online purchases and sales • Band of Boats aims to become the number 1 platform for preowned boats in Europe • Promotion and management of new boat sales for our brands
ONLINE EXPERIENCE	Boat industry's leading online customer experience • Online configuration feature and quotes • Customer service (chat, social media) • Booking of appointments: dealers and yard
DIGITAL CONTINUITY	Tools and skills • New ERP that covers the entire business, from design to sales • Centralized digital team, serving all the brands
CONNECTIVITY	100% of new boats and a significant percentage of the Group's preowned fleet connected • With their owners • With our dealers • With our brands

CONNECTIVITY: 100% OF OUR BOATS CONNECTED IN THE NEAR FUTURE

HARDWARE: CONNECTIVITY UNIT FITTED ON ALL OUR BOATS

MAIN USE CASES

VISION

Facilitating access to the world of

boating for everyone

POSITIONING OURSELVES DOWNSTREAM FROM BOAT PRODUCTION

NEW MARKET TRENDS: SHARING, USAGE, CONNECTIVITY

Rental

BOAT CLUBS

BOAT CLUBS

Water-based leisure

Bruno THIVOYON Chief Financial Officer

FINANCIALS

9-month revenues

FINANCIALS / 9-MONTH REVENUES

REVENUES FOR THE FIRST 9 MONTHS OF FY 2019-20

				Change
€m		2019-20	2018-19	Reported data	Constant exchange rates
	GROUP	519.4	495.9	4.7%	4.0%
H1	Boats	422.2	403.8	4.8%	3.6%
	Housing	97.1	92.1	5.4%	5.4%
	GROUP	249.3	434.0	-42.6%	-42.9%
Q3	Boats	201.0	354.3	-43.3%	-43.5%
	Housing	48.3	79.7	-39.4%	-39.4%
	GROUP	768.7	930.0	-17.3%	-17.9%
9 MONTHS	Boats	623.2	758.1	-17.8%	-18.4%
	Housing	145.3	171.8	-15.4%	-15.4%

Following first-half growth of 4.7%, revenues for the third quarter, affected by the Covid19 health crisis, came to €249.3m (-42.6% vs Q3 2019).

This downturn reflects the fact that virtually all production operations were temporarily shut down for 6 weeks, before gradually resuming under difficult operational conditions.

The Boat business, down 43.3%, is the most affected, while the Housing business is down 39.4%.

Consolidated revenues for the first 9 months therefore totaled €768.7m, contracting by 17.3% vs 2019 (-17.9% at constant exchange rates).

The Boat business shows a drop of 17.8% vs 2019.

The Housing business, which was able to start up its shipments again more quickly, recorded a 15.4% decrease vs 2019.

FINANCIALS / 9-MONTH REVENUES

BOAT DIVISION REVENUES

				Change
€m		2019-20	2018-19	Reported data	Constant exchange rates
	BOATS	422.2	403.8	+4.6%	+3.6%
	Europe	170.5	176.9	-3.6%	-3.7%
H1	Americas	112.8	121.3	-7.0%	-9.9%
	Other regions	33.3	39.7	-16.0%	-16.4%
	Fleets	105.6	65.9	60.2%	59.9%
	BOATS	201.1	354.3	-43.3%	-43.5%
	Europe	122.4	222.4	-45.0%	-44.9%
Q3	Americas	41.9	78.0	-46.2%	-47.4%
	Other regions	13.1	18.1	-27.2%	-27.4%
	Fleets	23.4	35.8	-34.5%	-34.5%
	BOATS	623.2	758.1	-17.8%	-18.4%
9 MONTHS	Europe	292.9	399.3	-26.6%	-26.6%
	Americas	154.7	199.3	-22.4%	-24.6%
	Other regions	46.5	57.8	-19.5%	-19.8%
	Fleets	129.0	101.7	26.8%	26.7%

Sustained growth for fleets, up +26.7% for the first 9 months, for both mono and multihull sailing, thanks to an excellent first half of the year.

Europe down -26.6%, despite a good performance by 30 to 60-foot outboard and inboard motorboats.

Americas down -24.6% at constant exchange rates, with this contraction focused on the American brands.

Other regions down -19.8%, particularly the Pacific Region (-41.9%).

Growth in fleet sales is reflected in a 2-point increase in the percentage of sailing yachts, representing 50% of sales at end-May.

OUTLOOK FOR FY 2019-20

The gradual resumption of operations, ramped up from early May, will not be sufficient to make up for the lack of production during the 6 weeks of the shutdown. Combined with the order deferrals and cancellations recorded by the Boat business, particularly from charter firms, we expect 2019-20 full-year revenues to contract by 16% to 18% on a reported basis compared with the previous year.

Housing Division full-year revenues expected to contract by -13% to -14%.

THE GROUP IS THEREFORE FORECASTING:

• Drop in full-year revenues by around -16% to -18% vs 2018-19 based on reported data
• EBITDA margin above 8%
• Income from ordinary operations above breakeven
• Positive year-end net cash position

Strategic plan impact

PRE-COVID19 FINANCIAL POSITION (FY2018-19)

€m	Revenues	Income from ordinary operations	%
GROUP	1,336	82	6.1%
BOATS	1,144	69	6.0%
MCY	30	-11	-36.6%
RBH	114	-1	-1.0%
Boats excl. MCY/RBH	1,000	81	8.1%
HOUSING	193	13	6.8%

EBITDA, CASH AND SHAREHOLDERS' EQUITY

%

EBITDA margin in 2019

of net cash at end-2019

of shareholders' equity before the Covid-19 crisis

BEFORE COVID-19: some areas of discomfort

• Significant losses for the MCY and RBH subsidiaries
• Increase in our amortization charges, linked to historically high investment levels

However, the Group is able to count on robust foundations:

• Group EBITDA margin close to 12%
• Profitable Boat Division (excluding MCY and RBH), despite the recent increase in its amortization charges
• Housing Division back on track for profitable growth
• Over €600m of shareholders' equity
• €300m of confirmed credit lines
• €120m State-backed loan currently being set up

STRATEGIC PLAN FINANCIAL OBJECTIVES

Rationalize our product plan in order to optimize our investment levels

Revitalize the offering and profitability of our American brands

Ensure the profitability of all our industrial sites, including the Monfalcone site in Italy

Rationalize all of our industrial capabilities, which already had excess capacity before Covid-19

Pool certain support functions between the Group's various brands and companies

Continue to build on profitable growth trends for Housing

STRATEGIC PLAN FINANCIAL AMBITION

	Income from ord. operations €m	% of revenues
2019	82	6.1%
Product plan efficiency	18	1.3%
Of which, adaptation of American brands' offering	8	0.6%
Industrial efficiency and consistency	21	1.5%
Of which, better use of Monfalcone site	11	0.8%
Synergies within a global organization	6	0.4%
Housing performance	12	0.8%
Strategic plan's impact on income from ord. operations	57	4.0%
Performance when our markets have returned to pre-Covid levels	139	10.1%

The financial ambition with this strategic plan is to return our 2 divisions – Boats and Housing – to a level of income from ordinary operations of over 10%, when the markets have returned to their pre-crisis levels.

As for the future, your task is not to foresee it, but to enable it

Antoine de Saint-Exupéry

beneteau-group.com