Bénéteau (BEN) H1 2026 earnings summary

Executive summary

• H1 revenue rose 11.2% year over year to €449.2m, outperforming the market across all segments despite geopolitical and macroeconomic headwinds.

• Income from ordinary operations improved by nearly €20m to -€0.2m; it was positive at €9m excluding discontinued American activities.

• EBITDA increased to €29.4m, or 6.6% of revenue, from €8.5m, or 2.1%, in H1 2025.

• Net loss was €21.4m, including €30m in non-recurring expenses, mainly related to discontinued American activities.

• Net cash was €201.9m at June 30, 2026; free cash flow was -€24.3m.

Financial highlights

• Revenue was €449.2m, up 11.2% year over year.

• EBITDA was €29.4m, or 6.6% of revenue, versus €8.5m, or 2.1%, in H1 2025.

• Income from ordinary operations was -€0.2m, compared with -€20.6m a year earlier.

• Net income attributable to the Group was -€21.4m, versus -€24.8m; non-recurring items had a €30m impact.

• Free cash flow was -€24.3m; net cash was €201.9m at June 30, 2026.

Outlook and guidance

• FY 2026 consolidated revenue is expected at €860m–€900m, with 4%–9% growth excluding discontinued American activities.

• Positive full-year income from ordinary operations is expected, excluding discontinued American activities.

• The order book for 2026 deliveries exceeds 2025 sales.

• 24 models are planned for the new season, the second tranche of a 66-model, three-year program.

• H2 production is planned below H1 levels, aligned with expected sales and targeted normalization of finished-goods and dealer inventories.