Bénéteau (BEN) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues fell 43% year-over-year to €130.4m, reflecting a broad slowdown in boat market demand and dealer destocking.

• Macroeconomic uncertainty, especially regarding US tariffs, led to a wait-and-see approach among clients and distributors.

• The first half is expected to be the low point for both revenue and profitability, with a gradual recovery anticipated in H2 2025, supported by 20 new model launches.

Financial highlights

• Net cash position remained strong at over €240m at end-March 2025, aided by production schedule adjustments.

• Dealer destocking reduced revenues by €40m in Q1, in line with the full-year forecast of €50–100m.

• Group expects full-year revenues between €900m and €1bn, but faces potential €10m impact on income from ordinary operations due to tariff support for US dealers.

Outlook and guidance

• H1 2025 will see continued weakness, especially in multihull sailing; normalization and upturn expected in H2 as new models launch and dealer inventories stabilize.

• Recovery in US exports may be delayed by tariff uncertainty; Group is supporting US dealers by covering part of import tariffs.

• Premiumization and entry-level renewal are strategic focuses, with several new models to be showcased at major boat shows.