Bénéteau (BEN) H2 2025 earnings summary

Executive summary

• Revenues for 2025 were €848.6m, down 17% at constant currency, reflecting a challenging market and significant contraction in H1, but business improved in H2 with new model launches.

• Income from ordinary operations was -€21.6m, impacted by lower sales, inflation normalization, and non-recurring items; net income (Group share) was -€43.0m, affected by withdrawal from unprofitable Charter and Boat Club activities.

• Order book for 2026 up 10% at end-February, indicating anticipated revenue growth and margin recovery.

Financial highlights

• EBITDA for 2025 was €35.5m (4.2% of revenues), down from €136.3m (13.2%) in 2024.

• Free cash flow was positive at €12m, with net cash of €248m at year-end, reflecting strong inventory and investment management.

• Net income (Group share) dropped to -€43.0m from €92.9m in 2024, which included a €63m gain from the Housing business sale.

Outlook and guidance

• Sales and margins are expected to rebound in 2026, supported by a 10% higher order book and 24 new model launches.

• Additional competitiveness gains of €5m–€10m and stabilized ERP costs are anticipated to support margin recovery.

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