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 the success of 2025 model launches and strong Motor segment performance.

• Product development acceleration led to 23 new models last year and 24 planned for this year, supporting market share gains.

• The Middle East conflict has caused a slowdown in order intake since March, but the order book remains solid, up 10% year-over-year.

• Innovation, especially electrification, is a strategic focus, highlighted by a new joint venture to standardize energy management for sailboats.

Financial highlights

• Q1 2026 revenues: €170 million, a 30% increase compared to 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.

• Retail sales grew 10% year-over-year despite a challenging market environment.

Outlook and guidance

• Growth ambition for 2026 is confirmed, with expectations that the Middle East conflict will stabilize by the end of June.

• Full-year sales growth outlook maintained, subject to improvement in Middle East situation by end of H1 2026.

• Plans to launch 24 new models in 2026 to support demand.

• Targeting a 10%-15% adoption rate for electrified sailboats by 2030.

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