Bénéteau (BEN) Trading Update summary

Financial performance and guidance

• 2024 revenues reached €1,034.4m, exceeding €1bn but down 29.4% from 2023, which was a record year due to high dealer inventory build-up.

• Q4 2024 revenues were €298.3m, surpassing forecasts, with the Motor business showing only a slight slowdown (-2%) and Sailing down 29% after a strong 2023.

• Operating margin for 2024 is expected to be significantly above the previous 4%-6% forecast.

• Dealer destocking reduced inventories by nearly €110m in 2024, in line with expectations.

• Sales to end customers slowed by 7% in value and 14% in volume, excluding destocking effects.

Segment and regional trends

• Sailing business, 49% of sales, declined 26.5% due to lower demand, especially from charter firms and normalization in multihulls.

• Motor business, 51% of sales, fell 32.5% mainly from dealer destocking, but end-customer sales rose 4% and Motor Yachting segments grew 16%.

• Europe saw a 22% sales drop, but value creation strategies helped offset weaker demand; Americas sales fell 38.5% but improved at year-end shows.

• Sales to charter professionals normalized, down 29% after a strong 2023 rebound.

• Fleets revenue dropped 29.1% year-on-year.

Strategic initiatives and outlook

• 2025 H1 expected to remain challenging due to continued dealer destocking and multihull sailing slowdown.

• Gradual upturn anticipated from H2 2025, driven by 20 new model launches and normalized dealer stocks.

• Premiumization strategy to accelerate in 2025 with launches like Prestige M7 and Lagoon 82, plus renewed entry-level offerings.

• Sustainable innovation advanced with recyclable materials in sailing models and eco-designed Island Cruising Concept, reducing CO2 intensity by 50%.

• Full-year earnings to be reported on March 20, 2025.