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Bénéteau (BEN) investor relations material
Bénéteau H2 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Executive summary
Revenues for 2025 were €848.6m, down 17% at constant currency, reflecting a challenging market and significant contraction in H1, but business improved in H2 with new model launches.
Income from ordinary operations was -€21.6m, impacted by lower sales, inflation normalization, and non-recurring items; net income (Group share) was -€43.0m, affected by withdrawal from unprofitable Charter and Boat Club activities.
Order book for 2026 up 10% at end-February, indicating anticipated revenue growth and margin recovery.
Financial highlights
EBITDA for 2025 was €35.5m (4.2% of revenues), down from €136.3m (13.2%) in 2024.
Free cash flow was positive at €12m, with net cash of €248m at year-end, reflecting strong inventory and investment management.
Net income (Group share) dropped to -€43.0m from €92.9m in 2024, which included a €63m gain from the Housing business sale.
Outlook and guidance
Sales and margins are expected to rebound in 2026, supported by a 10% higher order book and 24 new model launches.
Additional competitiveness gains of €5m–€10m and stabilized ERP costs are anticipated to support margin recovery.
Dividend of €0.20 per share proposed for 2025, reflecting confidence in outlook and strong cash position.
- Sales rebounded in H2 2025, with 2026 growth expected on strong order intake and new models.BEN
Q4 2025 TU9 Feb 2026 - Order intake up 33% in Q3, with Motor sales rising 23% and Q4 revenues forecasted at €300m.BEN
Q3 2025 TU3 Nov 2025 - Revenue fell 27.5% and net loss reached €24.8M, but cash flow and liquidity remain robust.BEN
H1 202525 Sep 2025 - H1 2025 sales dropped 27%, but order growth and new launches signal a rebound in H2.BEN
H1 2025 TU28 Jul 2025 - Revenue and profit fell sharply, but margin guidance and innovation strategy remain on track.BEN
H1 202413 Jun 2025 - Boat revenues down 33% year-over-year, but 2024 guidance and margin targets reaffirmed.BEN
Q3 2024 TU13 Jun 2025 - Boat division revenues fell 32% in H1 2024, with premiumization offsetting volume declines.BEN
H1 2024 TU13 Jun 2025 - Q1 2025 revenue fell 43%, with recovery expected in H2 as new models launch.BEN
Q1 20256 Jun 2025 - 2024 revenue and margins beat forecasts; recovery expected in H2 2025 with new models.BEN
Trading Update6 Jun 2025
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