Bénéteau (BEN) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 was €403.8M, down 27.5% year-over-year due to a global boating market slowdown, macroeconomic instability, and network destocking.

• EBITDA fell sharply to €8.5M (down 89.1% year-over-year), with a negative operating result of -€20.6M.

• Net result attributable to the group was -€24.8M, compared to €49.4M in H1 2024.

• Free cash flow was positive at €14.3M, and net cash stood at €257.9M after a €115M dividend payout, including €100M exceptional from the Habitat division sale.

• Order intake increased, supported by strong reception of new models at the Cannes show.

Financial highlights

• Revenue: €403.8M (H1 2025) vs €556.6M (H1 2024), -27.5%.

• EBITDA: €8.5M (2.1% margin) vs €77.7M (14.0% margin), -89.1%.

• Operating income (ROC): -€20.6M vs €49.5M, -141.6%.

• Net income (group share): -€24.8M vs €49.4M.

• Free cash flow: €14.3M; net cash: €257.9M.

Outlook and guidance

• Launch of a recovery plan with 66 new models planned for 2025–2027, up from 44 in 2022–2024.

• Order intake is rising, supported by strong reception of new models at the Cannes show.

• Sales growth and return to operational profitability expected in H2 2025, despite higher US tariffs and increased promotional intensity.

• Targeting breakeven operating income for the full year, with H2 2025 revenue forecast close to €500M.