Bénéteau (BEN) H2 2025 earnings summary

Executive summary

• 2025 began with market contraction, U.S. tariffs, euro-dollar fluctuations, 25% inflation, and ERP launch challenges, but H2 saw recovery with new model launches and normalized dealer inventory.

• 23 new models launched in 2025 contributed to a 24% increase in order intake and a 10% higher order book year-over-year.

• Withdrawal from unprofitable Charter and Boat Club activities improved profitability prospects and led to a €29m write-off.

• Strategic focus on premiumization, access to boating, and CSR progress in talent retention, safety, quality, and decarbonization.

Financial highlights

• Revenues declined 17–18% to €848.6m–€849m, with a sharp H1 drop and H2 improvement; EBITDA fell 74% to €35.5m (4.2% margin).

• Net income (Group share) was -€43.0m, impacted by withdrawal from unprofitable activities and non-recurring items.

• Free cash flow was positive at €12m, mainly from inventory reduction and investment discipline; net cash at year-end was €248m.

• €29m write-off related to Charter and Boat Club activities, impacting net income.

• €9m cost from furloughs to preserve talent; €30m cost savings achieved over two years.

Outlook and guidance

• Order book for 2026 is up 10% year-over-year, with 5% growth in sailboats and 14% in powerboats; 24 new model launches planned.

• Sales and margins are expected to rebound in 2026, supported by operational excellence, ERP stabilization, and competitiveness gains of €5m–€10m.

• Dividend of €0.20 per share proposed for 2025, reflecting confidence in outlook and strong cash position.

• Growth expected to continue, barring unpredictable impacts from the Middle East conflict.