Bénéteau (BEN) H2 2025 earnings summary

Executive summary

• 2025 saw a challenging first half with market contraction, especially in the US due to tariffs, but a recovery began in the second half as new models launched and dealer inventories normalized.

• Withdrawal from unprofitable Boat Club & Charter activities improved profitability prospects, though it led to a €29m impairment.

• Order intake grew 24% year-over-year, outpacing full-year sales, and the order book expanded, with a 10% increase at end-February 2026.

Financial highlights

• Revenues declined 18% year-over-year to €849m, with a sharp drop in H1 and a turnaround in H2; at constant currency, revenues were €848.6m, down 17%.

• EBITDA fell 74% to €35.5m (4.2% margin), and income from ordinary operations was negative at -€21.6m.

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

• Free cash flow was positive at €12m, and net cash stood at €248m after a cash management incident was largely resolved.

Outlook and guidance

• 2026 market context remains uncertain due to macroeconomic and geopolitical factors, including tariffs and high interest rates.

• Order book up 10% at end-February 2026, with significant sales growth expected from 24 new model launches.

• Gradual turnaround in operating margin anticipated, supported by operational excellence, ERP stabilization, and €5m–€10m in competitiveness gains.

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