Bénéteau (BEN) Q3 2025 TU earnings summary

Executive summary

• Q3 revenues reached €170.6m, down 3% at constant exchange rates, showing improvement after a 27% contraction in H1 2025.

• Order intake surged 33% in Q3, with new model launches driving demand despite a challenging macroeconomic environment.

• Dealer inventories stabilized, supporting a gradual return to revenue growth in upcoming quarters.

Financial highlights

• Nine-month revenues totaled €574.4m, a 22% decrease year-over-year.

• Q3 2025 revenues declined 4.9% year-over-year; Motor segment up 23%, Sailing segment down 36%.

• North America saw an 8% increase in activity at constant exchange rates, while Europe declined 2.5%.

Outlook and guidance

• Q4 2025 revenues are forecasted at around €300m, similar to Q4 2024.

• Income from ordinary operations expected to be positive in H2 2025, partially offsetting H1 losses.

• Gradual recovery anticipated, with new product launches and higher promotional intensity in cautious markets.