Bénéteau (BEN) Q4 2025 TU earnings summary

Executive summary

• Full-year revenues reached €848.6m, down 17% at constant currency, with a significant sales rebound in H2 2025 after a sharp H1 contraction.

• Order intake increased 24% for the year, driven by 23 new model launches despite a challenging market.

• Growth is expected to resume in 2026, supported by a strong order book and positive reception at major boat shows.

Financial highlights

• H1 2025 revenues declined 27% at constant currency, while H2 saw only a 5% decrease, indicating a turnaround.

• Q4 revenues were €274.2m, impacted by €20m in delayed US customs clearance; excluding this, sales would have been stable.

• Positive operating cash flow was confirmed for the full year.

Outlook and guidance

• 2026 is expected to see a significant revenue increase, with stronger growth in H1.

• The launch of 66 new models between 2025 and 2027 is set to drive further momentum and premiumization.