Bénéteau (BEN) Q3 2024 TU earnings summary

Executive summary

• Boat division revenues fell 33% year-over-year to €736.1m at end-September, following a record 2023, driven by continued destocking and weaker demand, especially for smaller units and sailing models.

• Housing division revenues declined 6% year-over-year to €224.2m, with demand normalizing after strong growth, and export sales rising to nearly 25% of leisure home sales.

• Full-year 2024 revenue forecast of around €1bn and Boat division operating margin target of 4%-6% confirmed.

• Sale of the Housing division (Bio Habitat) to Trigano approved by competition authorities, expected to close by year-end.

Financial highlights

• Group revenues for the first nine months were €960.3m, down 28.5% year-over-year.

• Boat division revenues dropped 33.4% to €736.1m; Housing division revenues fell 6.1% to €224.2m.

• Third quarter Boat division revenues were €193.9m, down 38.5% year-over-year.

• Inventory reduction reached nearly €110m in the first nine months, in line with the €100m–€150m full-year target.

Outlook and guidance

• Full-year 2024 revenue expected at around €1bn, with Boat division ordinary operating margin of 4%-6%.

• Further inventory reduction of €20m–€50m expected by year-end.

• Group expects to rebound from H2 2025 as inventory normalizes and new product launches offset current slowdowns.