Bénéteau (BEN) H2 2024 earnings summary

Executive summary

• Achieved over €1 billion in sales for 2024, exceeding EBIT guidance at 7.3%, despite a sharp market slowdown, especially in entry-level units, offset by premiumization and adaptation measures.

• Successfully 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 core boat markets.

• Advanced sustainability initiatives, including significant CO2 emission reductions, eco-labeled purchases, and disruptive innovations such as foiling and hybrid propulsion.

• Adapted cost structure and production plans, resulting in positive free cash flow and a strong balance sheet.

• Accelerated product plan with 66 new models over three years, targeting €1.5 billion revenue and 10% margin by 2028.

Financial highlights

• Revenues reached €1,034.4 million, down 29.4% year-over-year from a record 2023.

• EBIT/operating income was €75.9 million (7.3% margin), above guidance; EBITDA was €136.3 million (13.2% margin), down 48.1% year-over-year.

• 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).

• Free cash flow was €1.9 million for the year, with €53 million generated in H2 due to inventory reduction; net cash position improved to €357 million at year-end.

• Shareholders’ equity at €886 million (+€30 million vs. 2023); €64 million in dividends and buybacks paid; €69 million net investments.

Outlook and guidance

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

• Sales guidance for 2025 set between €0.9 billion and €1 billion, with 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.

• H2 2025 to benefit from 20 new model launches and normalized dealer inventories.