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Bénéteau — Earnings Release 2025
Mar 18, 2026
1145_iss_2026-03-18_922dd49e-20ec-4023-93f2-fc6bbc2f8b39.pdf
Earnings Release
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Press release - March 18, 2026
GROUPE BENETEAU
Cash position preserved and order book growing
Sales and margins expected to bounce back in 2026
- Income from ordinary operations of -€21.6m for 2025, impacted by the significant contraction in business during the first half of the year, the preservation of skills and various non-recurring items
- Solid net cash of €248m¹, with positive free cash flow of +€12m², reflecting good inventory management and effective control over investments
- Withdrawal from the Charter and Boat Club operator activities, resulting in the impairment of all financial exposure and impacting net income (-€29m), development of new service offerings to support our clients throughout the lifecycle of their boats
- Deployment of the plan to accelerate launches of new models, following on from the commercial achievements in 2025: 24 new models planned for 2026
- Order book up for 2026 (+10% at end-February) and progress with operational performance enabling the Group, to date, to anticipate significant revenue growth and a turnaround in margins over the year
Saint-Gilles-Croix-de-vie, March 18, 2026
"2025 saw a challenging market environment across all our geographies. In this context, the Group's strategy to promote innovation and accelerate launches of new models showed its relevance, supporting the turnaround in business observed during the second half of the year, in line with our expectations. Our continued discipline in terms of inventory and investment management also enabled us to maintain a high level of net cash.
The positive response to the new models is reflected in an increase in the order book for 2026 and will support a return to growth during the year. The flexibility measures rolled out have enabled us to preserve our skills, which today represent an important operational driver to support the rebound", confirms Bruno Thivoyon, Groupe Beneteau Chief Executive Officer.
| 2025 | 2024 | Change | ||
|---|---|---|---|---|
| Reported data | At constant currency | |||
| Revenues | 848.6 | 1,034.4 | - 18.0% | - 17.1% |
| EBITDA | 35.5 | 136.3 | - 74.0% | - 68.5% |
| % of revenues | 4.2% | 13.2% | - 9.0 pts | - 8.2 pts |
| Income from ordinary operations | -21.6 | 75.9 | ns | ns |
| % of revenues | - 2.5% | 7.3% | - 9.9 pts | - 9.0 pts |
| Net income from operations held for sale | 0.0 | 63.2 | ||
| Net income (Group share) | -43.0 | 92.9 | ||
| % of revenues | - 5.1% | 9.0% | ||
| Free cash flow | 12.3² | 1.9 | ||
| Net cash | 247.9¹ | 357.2 |
¹ After adjustment for the cash management incident on December 23, 2025 ² excluding earnouts paid in 2025 for the Housing activity's sale
GROUPE BENETEAU
Press release - March 18, 2026
Operational performance turned around in H2 following a low point in H1'25
As reported on February 9, the Group recorded €848.6m of revenues in 2025, down 17% at constant currency, in a boat market that was penalized throughout the year by an uncertain macroeconomic environment. Following an inventory normalization phase within the distribution networks during the first half of 2025 (-27.3% at constant currency), business picked up during the second half of the year (-5.2% at constant currency), in both Europe and the Americas, supported by the first effects of the strategy to accelerate launches of new models.
During the second half of 2025, the business showed a significant improvement across all the various segments. Multihull Sailing recorded a limited contraction of 5% at constant currency, reflecting a marked turnaround compared with the first half of the year. For Monohull Sailing, sales were down 35%, a slight year-on-year improvement compared with the first six months, in a market that remained challenging. The Motor Yachting segment achieved a significant improvement, with its contraction limited to 4% over the period (versus -19% for the first half of the year). Lastly, the Dayboating business returned to positive territory in the second half of the year, with 7% growth.
The full-year contraction in revenues at constant currency was linked primarily to a volume effect for -€186m, concentrated mainly over the first six months. The pricing and rebates effect, with a negative -€22m as expected, was offset by the positive mix effect of €31m, reflecting the continued premiumization.
Income from ordinary operations came to -€21.6m in 2025, with a margin representing -2.5% of revenues, following a marked second-half improvement (-€1.0m) after a significant first-half contraction (-€20.6m). This change primarily reflects the sharp drop in business over the year, with an estimated impact of -€59m, concentrated over the first half. As expected, the normalization of the inflation balance also had a -€25m impact. In this context, the Group continued lowering its fixed costs and reduced the operating loss for the American brands to €13m in 2025, generating €10m of new efficiency gains compared with the previous year.
Income from ordinary operations for 2025 also includes several non-recurring items, with a combined impact of nearly -€32m. The cost of the flexibility measures rolled out in France and Italy to maintain the Group's capacity to bounce back totaled €9m in 2025. The customs barriers introduced in the United States and the euro-dollar exchange rate effect, which were not passed through to prices in 2025 and were partially covered by the Group, represented an additional cost of €12m (as nearly 20% of sales exported from Europe to the United States in 2025). Lastly, the rollout of the new ERP at the Bordeaux site, which has now stabilized, led to a loss of revenues and inefficiency costs during the first half of the year, with their impact on income from ordinary operations representing nearly €11m.
The Group's EBITDA came to €35.5m, representing 4.2% of revenues (vs. 13.2% in 2024).
Net income affected by the withdrawal from the unprofitable Boat Club and Charter activities
Net income (Group share) came to -€43.0m in 2025, compared with €92.9m in 2024, which included a €63m contribution from the Housing business, sold at the end of the year.
In addition to the change in operational profitability, 2025 net income was affected by the Boat Club and Charter activities, held as minority interests, which continued to be affected by the weakness of their markets. In the second half of 2025, the Group decided to withdraw from its loss-making Charter and Boat Club operator activities, and to support its charter operator clients through product, financing, refit and after-sales offerings that are more closely aligned with their needs.
GROUPE BENETEAU
Press release - March 18, 2026
In terms of financial income and expenses for 2025, this decision was reflected in a €29m impairment of partner current accounts and guarantees with the companies Your Boat Club and Blue Sea.
Other financial items for 2025 include €4m of financial income, net of investment interest, and €1m of income from currency hedging. The companies consolidated under the equity method represent a €5m share of net income, generated by financing activities. The tax expense for the year came to €3m, including the exceptional contribution levied on the profits of large French companies and recognized in the accounts for the first half of 2025.
Positive cash generation, with high net cash maintained
The Group generated positive free cash flow of €12m in 2025, despite negative income from ordinary operations. This performance reflects the effective management of working capital requirements, including a €28m reduction in inventory over the year, and net investments limited to €54m, compared with €69m in 2024, while supporting the acceleration of the product plan in 2025.
After €115m of dividends paid out for 2024 and the disposal of the Housing business, and taking into account the acquisitions of BMS and SAS in 2025 for €6m as part of the refocusing of service-based activities, the Group maintained a high level of net cash, with €248m at December 31, 2025.
As indicated on February 9, the Group observed on December 23, 2025 that payment orders had been mistakenly reissued by an external provider. Following this incident, the Group's banking partners recalled the funds that had been paid out incorrectly. To date, with less than €0.5m still to be recovered, the incident has been almost entirely resolved. As a result, all the unrecovered funds at year-end (€84.7m) were reintegrated into net cash at the end of December 2025.
Skills preserved and B-Sustainable commitments moving forward
In a context of a sharp market slowdown, amplified by the reduction in inventory within the distribution networks, the Group rolled out flexibility measures aimed at preserving its skills and its capacity to bounce back. The furlough measures deployed in France and Italy helped preserve around 10% of the Group's skills. Alongside these measures, training was further strengthened, reaching nearly 15 hours per employee in 2025 (+12% vs. 2024), with around 30% provided in France through on-the-job mentoring for production staff.
The Group also continued with its efforts to reduce the environmental footprint of its operations, products and value chain. Scope 1 and 2 greenhouse gas emissions were reduced by 9% on a gross, market-based basis, despite a colder winter in the United States and Poland. The total emissions intensity came to 680 tCO2/€m of revenues, down 26% compared with the 2022 baseline year. In 2025, the Group also continued to industrialize its sustainable innovations, with the release of the 48V series hybrid propulsion system on two initial models, as well as the rollout of circular economy initiatives focused on composites and refits.
New Projects Department to reduce development times, increase competitiveness and continue driving premiumization
To further accelerate its product development plan, increase its competitiveness and continue driving its premiumization, the Group is creating a Projects Department, in charge of coordinating the Design Center activities and the development of Prototypes and Tools. A member of the Executive Committee, reporting to the Chief Executive Officer, this mission will be entrusted to Sébastien Nolasco, who, after 20 years in the boat industry in various roles including Project Manager, Head of Product Development, Product Director and Operations Director in French and Italian yards, covering
GROUPE BENETEAU
Press release - March 18, 2026
the monohull sailing, multihull sailing and motor yachting segments, joined Groupe Beneteau in 2025 as Time-to-Market Project Manager.
Following a three-month transition period, his appointment will ensure continuity after the departure of Gianguido Girotti, who will step down as General Manager following the General Meeting on June 11.
"I would like to sincerely thank Gianguido for his 12 years with the Group and for the passion for boating that he has shared with our teams. The creation of the Design Center is part of this legacy and represents a strategic driver for our development. I firmly believe that Sébastien will continue building on this momentum, coordinating the talents of our Product and Tools teams to accelerate the development of high-quality new models, with efficiency and competitiveness", concludes Bruno Thivoyon, Chief Executive Officer.
Outlook for 2026: sales and margins to bounce back
In a market context that is still just as uncertain, Groupe Beneteau is moving forward in 2026 with improving sales trends. At end-February, the order book for deliveries within the year was up by more than 10% year-on-year, with 5% growth for the Sailing business, in a contracted market, and 14% for the Motor business, in a market that is currently expected to be stable. This change confirms the first effects of the strategy implemented, accelerating the launch of 66 new models between 2025 and 2027 to actively boost demand. Its rollout will continue in 2026 with the launch of 24 new models.
While inventory levels have now normalized within the distribution networks, this increase in the order book for 2026 enables the Group to anticipate significant growth in sales over the year. This upturn in activity, combined with expectations for €5m to €10m of additional competitiveness gains and the stabilization of costs linked to the new ERP's deployment, should enable the Group to begin turning around its operating margin in 2026. This outlook does not take into account the potential direct or indirect effects of the Middle East conflict on the Group's activity.
Alongside this, the Group intends to continue moving forward with its sustainable innovation roadmap, aiming to reduce its CO2 emissions by 30% by 2030 in revenue intensity compared with 2022. It also aims to maintain a sound financial structure, enabling it to self-finance its organic growth.
PROPOSED DIVIDEND
The Supervisory Board of BENETEAU S.A., confident in the Group's outlook and taking into account its high level of net cash, has decided to submit a dividend of €0.20 per share for approval at the Combined General Meeting on June 11, 2026.
Groupe Beneteau will report its revenues for the first quarter of 2026 on May 4 after close of trading.
*
*
A detailed presentation of the full-year business and financial results is available on the Groupe Beneteau website.
The annual and consolidated financial statements, approved by the Management Board on March 17, 2026 and the Supervisory Board on March 18, 2026, have been subject to audit procedures, which have now been completed. The final procedures required for the completion and issuing of the statutory auditors' report are underway. A notice will be issued indicating the publication date for the annual financial report.
GROUPE BENETEAU
Press release - March 18, 2026
FINANCIAL GLOSSARY
At constant currency: change calculated based on figures for the period from January 1 to December 31, 2025 converted at the exchange rate for the same period in 2024 (January 1 – December 31, 2024).
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.
ABOUT GROUPE BENETEAU
Founded in Vendée 140 years ago by Benjamin Bénéteau, Groupe Beneteau is today a global boat industry leader. With its international industrial capabilities, across 16 production sites, and its global sales network, the Group recorded revenues of €850m in 2025 and employs nearly 6,200 people, primarily in France, Poland, Italy, Portugal, the United States and Tunisia.
In line with its mission, Bringing Dreams to Water, Groupe Beneteau designs and creates boats and services to offer a unique experience on the water. With its nine brands, its Boat division offers more than 135 recreational boat models, serving its customers' diverse navigational needs and uses, from sailing to motorboating, monohulls and catamarans.
Through its Boating Solutions division, the Group is also present in the daily or weekly rental services, marina, digital and financing sectors.
CONTACTS – GROUPE BENETEAU
MEDIA RELATIONS
Ms Barbara Bidan
[email protected]
Tel +33 (0)2 51 26 88 50
INVESTOR RELATIONS
Mr Clarence Duflocq
[email protected]
Tel +33 (0)2 51 26 88 50
SHAREHOLDER CONTACT
Ms Yannick Coicaud-Thomas
[email protected]
Address: 16 bd de la Mer – CS 43319
85803 Saint Gilles-Croix-de-Vie Cedex - France
www.beneteau-group.com
Press release - March 18, 2026
EBITDA RECONCILIATION
| €m | 2025 | 2024 |
|---|---|---|
| Group income from ordinary operations | -21.6 | 76.0 |
| Current depreciation | 62.3 | 61.8 |
| Provisions | -8.6 | -4.6 |
| Other | 3.4 | 3.1 |
| Group EBITDA | 35.5 | 136.3 |
P&L
| €'000 | 2025 | 2024 |
|---|---|---|
| Revenues | 848,624 | 1,034,380 |
| Change in inventories of finished products and work-in-progress | (32,805) | (54,190) |
| Other income from operations | 640 | 1,626 |
| Purchases consumed | (358,489) | (370,667) |
| Staff costs | (282,784) | (327,123) |
| External expenses | (114,121) | (122,492) |
| Tax | (14,644) | (15,265) |
| Depreciation | (62,256) | (61,834) |
| Other current operating expenses | (11,715) | (11,393) |
| Other current operating income | 5,992 | 2,872 |
| Income from ordinary operations | -21,556 | 75,913 |
| Other income and expenses | (9) | (10) |
| Operating income | -21,565 | 75,903 |
| Income from cash and cash equivalents | 9,689 | 9,029 |
| Gross finance costs | (5,218) | (6,235) |
| Net finance costs | 4,471 | 2,794 |
| Other financial income | 1,308 | 110 |
| Other financial expenses | (29,428) | (2,778) |
| Financial income and expenses | -23,649 | 125 |
| Share in income of associates | 5,210 | (18,639) |
| Corporate income tax | (3,178) | (27,937) |
| Net income from continuing operations | -43,182 | 29,452 |
| Income from discontinued operations | 0 | 63,153 |
| Consolidated net income | -43,182 | 92,605 |
| Non-controlling interests | (229) | (246) |
| Net income (Group share) | -42,953 | 92,851 |
GROUPE ENETEAU
Press release - March 18, 2026
BALANCE SHEET
| ASSETS (€'000) | At Dec 31, 2025 | At Dec 31, 2024 |
|---|---|---|
| Goodwill | 35,152 | 33,952 |
| Other intangible assets | 12,632 | 15,687 |
| Property, plant and equipment | 301,760 | 310,048 |
| Investments in associates | 64,865 | 57,702 |
| Non-current financial assets | 4,656 | 4,657 |
| Deferred tax assets | 16,002 | 17,090 |
| Non-current assets | 435,067 | 439,137 |
| Inventories and work-in-progress | 283,811 | 317,822 |
| Trade receivables and related | 23,624 | 18,735 |
| Other receivables | 61,410 | 70,782 |
| Floor plan-related dealer receivables | 238,374 | 313,153 |
| Current tax assets | 19,426 | 24,410 |
| Financial assets relating to the cash management incident | 84,795 | - |
| Cash and cash equivalents | 292,361 | 455,962 |
| Current assets | 1,003,801 | 1,200,864 |
| Assets held for sale | 0 | 12,309 |
| Total assets | 1,438,869 | 1,652,310 |
| SHAREHOLDERS' EQUITY AND LIABILITIES (€'000) | At Dec 31, 2025 | At Dec 31, 2024 |
| --- | --- | --- |
| Share capital | 8,279 | 8,279 |
| Additional paid-in capital | 27,850 | 27,850 |
| Treasury stock | (27,851) | (24,812) |
| Consolidated reserves | 764,478 | 758,206 |
| Consolidated income | (42,953) | 106,471 |
| Shareholders' equity (Group share) | 729,804 | 885,994 |
| Non-controlling interests | 280 | (138) |
| Total shareholders' equity | 730,084 | 885,857 |
| Provisions | 12,310 | 6,210 |
| Employee benefits | 21,490 | 21,559 |
| Financial liabilities | 19,511 | 16,931 |
| Deferred tax liabilities | (1) | 287 |
| Non-current liabilities | 53,310 | 44,986 |
| Short-term loans and current portion of long-term loans | 109,699 | 81,859 |
| Floor plan-related financial debt with financing organizations | 238,374 | 313,153 |
| Trade payables and related | 99,174 | 62,227 |
| Other liabilities | 174,727 | 216,280 |
| Other provisions | 32,468 | 40,889 |
| Current tax liabilities | 1,034 | 968 |
| Current liabilities | 655,476 | 715,376 |
| Liabilities held for sale | 0 | 6,089 |
| Total shareholders' equity and liabilities | 1,438,869 | 1,652,310 |
GROUPE SENETEAU
Press release - March 18, 2026
CASH POSITION
| €'000 | 2025 | 2024 |
|---|---|---|
| Consolidated net income | (43,182) | 92,605 |
| Net income from discontinued operations | 0 | 63,153 |
| Net income from continuing operations | (43,182) | 29,452 |
| Share in income of associates (restated for dividends received) | (5,210) | 18,639 |
| Elimination of income and expenses without any impact on cash flow or unrelated to operations | 63,532 | 65,402 |
| Depreciation and provisions | 63,470 | 56,869 |
| Capital gains or losses on disposals | 706 | 3,086 |
| Deferred tax | (644) | 5,447 |
| Operating cash flow | 15,140 | 113,493 |
| Change in working capital requirements | 43,961 | (68,029) |
| Inventories and work-in-progress | 27,866 | 87,081 |
| Receivables | (2,486) | (37,356) |
| Current tax | 4,765 | (21,542) |
| Payables | 13,816 | (96,212) |
| Change in floor plan-related dealer receivables | 55,963 | 85,732 |
| Cash flow from operating activities for discontinued operations | 6,220 | 36,683 |
| Total 1 - Cash flow from operating activities | 121,284 | 167,879 |
| Fixed asset acquisitions | (53,822) | (64,643) |
| Fixed asset disposals | 1,134 | 337 |
| Fixed asset-related receivables - payables | (805) | (8,033) |
| Impact of changes in scope | (4,565) | (43) |
| Other flows relating to the cash management incident | (84,795) | |
| Cash flow from investment activities for discontinued operations | 0 | (14,235) |
| Cash flow from the Housing division's sale (2) | 0 | 185,049 |
| Total 2 - Cash flow from investment activities | (142,853) | 98,432 |
| Change in share capital | 0 | 0 |
| Other cash flow from financing activities | 0 | 0 |
| Treasury stock | (2,845) | (4,639) |
| Dividends paid to shareholders | (115,102) | (58,952) |
| Issuing of financial debt | 21,867 | 2,606 |
| Repayment of financial debt | (6,990) | (8,596) |
| Change in floor plan-related financial debt with financing organizations | (55,963) | (85,732) |
| Cash flow from financing activities for discontinued operations | 0 | 9,214 |
| Total 3 - Cash flow from financing activities | (159,033) | (146,099) |
| CHANGE IN CASH POSITION (1+2+3) | (180,604) | 120,212 |
| Opening cash position | 442,031 | 320,496 |
| Closing cash position (1) | 260,026 | 442,031 |
| Closing cash position adjusted for the cash management incident | 344,821 | |
| Impact of changes in exchange rates | (1,402) | 1,323 |
GROUPE ENETEAU