Bénéteau (BEN) Q2 2026 TU earnings summary

Executive summary

• First-half 2026 revenues reached €452.3m, up 12% year-over-year, with Q2 growth slowing to 3% due to cautious dealer inventory management and Middle East conflict impacts.

• Retail sales outperformed the market, rising 14% in H1, driven by the success of 2025 model launches.

• 24 new models are planned for the 2026/2027 season to sustain order intake and commercial momentum.

Financial highlights

• H1 2026 revenues: €452.3m (+12% reported, +13.8% at constant currency) compared to €403.8m in H1 2025.

• Q1 2026 revenues grew 30.1% year-over-year; Q2 slowed to 3.4% growth.

• Inventory within the distribution network reduced by nearly €40m in Q2.

Outlook and guidance

• Full-year revenue growth remains a target despite geopolitical uncertainty and a contraction in order intake since March 2026.

• Order book for 2026 deliveries shows a slight year-over-year increase, excluding brands slated for divestment.

• 24 new models to launch for the 2026/2027 season, supporting commercial development.