Bénéteau (BEN) Q1 2026 TU earnings summary

Executive summary

• Q1 2026 revenue reached €170 million, up 30% year-over-year, with growth across all segments and a boost from deferred US deliveries at end-2025.

• Retail sales grew over 10% in Q1, driven by new model launches and strong Motor segment performance.

• Order book for the coming year is up 10% year-over-year, but order intake slowed since March due to the Middle East conflict.

• Innovation and electrification are strategic priorities, highlighted by the E-LEKTRA MARINE joint venture to standardize sailboat electrification.

Financial highlights

• Q1 2026 revenue of €170 million, a 30% increase versus the same quarter last year.

• Motor segment revenues up 38% reported, 45.2% at constant currency; Sailing up 18% reported, 18.6% at constant currency.

• Deferred deliveries from Q4 2025 contributed nearly €20 million to Q1 2026 revenues.

• North & Central America revenues up 115% at constant currency, over 30% excluding deferred deliveries.

Outlook and guidance

• Growth ambition for 2026 remains intact, with expectations for Middle East conflict stabilization by end of June.

• 24 new models to be launched this year, allocated across segments to support continued growth.

• Visibility for the current season is solid, but outlook for the next season is less certain due to ongoing conflict.

• Measures being implemented to support operating margins amid geopolitical uncertainty.