Bénéteau (BEN) H2 2024 earnings summary

Executive summary

• Delivered solid 2024 results with sales surpassing €1 billion and EBIT margin at 7.3%, despite a sharp market slowdown, supported by premiumization and strong cost adaptation.

• Completed the sale of the Housing/Habitat division to Trigano for €235 million, generating a €38 million capital gain and enabling a strategic refocus on boating.

• Advanced sustainability initiatives, including significant CO2 emission reductions, eco-certified purchases, and the launch of innovative, recyclable boat models.

• Accelerated product development with 44 models launched in the past three years and 66 planned for the next three, targeting €1.5 billion revenue and 10% margin by 2028.

• Successfully managed dealer network destocking and aligned production with market trends.

Financial highlights

• Revenue for 2024 was €1,034.4 million, down 29.4% year-over-year from a record 2023.

• EBIT/operating margin reached 7.3%, supported by €25 million in annual savings and value-driven growth.

• Net income (Group share) was €92.9 million, including a €38 million gain from the Housing/Habitat sale; adjusted net income excluding the sale was €57 million (€0.69/share).

• EBITDA was €136.3 million (13.2% margin), down 48.1% year-over-year.

• Net cash position improved to €357 million at year-end, bolstered by the division sale and inventory reduction of €83 million.

Outlook and guidance

• 2025 is expected to be challenging, with retail demand projected to decline 5–10% and continued dealer destocking in H1.

• Sales guidance for 2025 is set between €0.9 billion and €1 billion, with a gradual upturn anticipated from H2 as new models ramp up.

• Ambition to reach €1.5 billion in sales and double-digit profitability by 2028, driven by 66 new model launches and continued premiumization.

• Continued focus on cost control, innovation, and sustainable product development.

• Annual investment envelope for 2025–2027 set at €75–85 million to support product launches.