Mar 25, 2025

Product Plan Ramping Up, For An Upturn From The 25/26 Season

Groupe Beneteau has reported that the organization is in a solid financial position with income from ordinary operations of €76m in 2024 (7.3% of revenues), higher than forecast. An exceptional dividend of €100m (€1.21/share) is to be paid on March 27, 2025, followed by a current dividend of €18m (€0.22/share).

The organization reported that revenues of €0.9bn to €1.0bn are forecast for 2025, affected by the continued contraction in the markets and dealer stock in H1’25.

Acceleration of the product plan includes 66 models in three years, targeting revenues of €1.5bn in 2028 and an ordinary operating margin of 10%.

Groupe Beneteau’s teams once again showed their outstanding ability to adapt, faced with the significant changes on the boat markets in 2024. The efforts made by all our employees enabled the Group to achieve over one billion euros of sales for the year, as well as the upper range of its full-year profitability forecast.

The sale of the Housing business will enable the Group to accelerate its development on the boat markets, while ensuring a fair return for shareholders”, confirms Bruno Thivoyon, Groupe Beneteau Chief Executive Officer. 
 
As reported on February 10, the Boat division recorded revenues of €1,034.4m in 2024, down 29.4% compared with 2023, a record year that benefited from an increase in inventory across the distribution networks by nearly €240m. As expected, the increase in interest rates, combined with the impacts of inflation, resulted in dealers reducing their stock levels by nearly €110m over 2024, contributing around 23% to the decrease in business between the two years. Sales to end customers contracted by 7% over the period. The slowdown in retail demand volumes was particularly marked for the Sailing business  (-€140m, i.e. -24% versus a high basis for comparison). On the Motor business segments, the 11% decrease in the volumes delivered by the distribution network impacted sales by -€60m. However, the Boat division was able to benefit from the success of its premiumization strategy, illustrated by this year’s value-driven growth of €110m (+9%). Specifically, this was supported by the ramp-up of the PRESTIGE M-Line power catamaran range, as well as the penetration by units over 9 meters on the Dayboating segments.

The Boat division generated €75.9m of income from ordinary operations, with a margin representing 7.3% of revenues, higher than the latest forecasts for 4% to 6%. Anticipated since 2023, the industrial rationalization measures and the use of the various furlough and multi-year working time arrangements helped limit the impacts of the contraction in business. The reduction in indirect costs (€20m) offset the residual cost of maintaining the capacity to bounce back (€13m) and the appreciation of the Polish zloty (€7m). This result factors in an operating loss for the American brands (-€21m), as well as development costs linked to the new ERP’s deployment (-€15m), partially offset by the positive impacts of effectively anticipating inflation (+€25m). 

The Boat division’s EBITDA[1] came to €136.3m, representing 13.2% of revenues (vs. 17.9% in 2023).

OUTLOOK
While the macroeconomic context is currently affected by various factors, including the geological uncertainty, risks concerning changes in customs duties, and the fluctuations in exchange rates and interest rates, the Group is able to benefit from a solid financial position to continue adapting its operations to the main boating market challenges and accelerating its developments with a view to outperforming the market on the various segments covered. 

2025, a year of contrasts between the first half and second half of the year – At the start of this year, promotional intensity levels have increased across the various boat segments. In Europe, the market is becoming more difficult, and the end of the subsidy programs in Greece is continuing to penalize demand for sailing catamarans, particularly among charter professionals, while the challenges relating to customs duties and tariffs are introducing further uncertainty in the United States. 

In this context, the Group expects retail demand to contract by 5% to 10% over the year, while the continued destocking within the distribution networks is estimated at €50m to €100m, concentrated primarily over the first half of the year. In 2025, the Group’s revenues could reach €0.9bn to €1.0bn. 

During the first part of the year, the slowdown in business will be compounded by the base effect on the Multihull Sailing segments and by the impact of the new ERP’s launch at the Bordeaux site, with organizational measures rolled out for production to gradually start up again in the first quarter. 

However, the second half of 2025 will be marked by the launch and ramp-up of 20 new models, which will be presented at the Cannes show among other events, at a time when dealer stock levels will be normalized, supporting a realignment between order intake and retail demand. 

The Group will therefore continue rolling out its measures to adapt and reduce its costs, while safeguarding its capacity to bounce back. Looking beyond the impacts of the change in business and the inflation balance, which is now expected to be neutral, the Group’s operating margin will be marked by the continued rollout of its new ERP, the gradual turnaround of profitability for the American brands, expected to break even in 2026, and the ramp-up of the Monfalcone site (Italy) and Gandra site (Portugal). 

Driving the upturn from the 2025/2026 season
Realigned around boat activities, the Group is now accelerating its product development with a view to relaunching its organic growth from the 2025/2026 season, while continuing to closely monitor opportunities for accretive external growth. 

The Group will further strengthen its value creation strategy through its premiumization. Following on from the LAGOON 82, BENETEAU First 60, PRESTIGE M7 and FOURWINNS TH32, which will be presented at the Cannes show in 2025, 28 new premium models will be launched over the period from 2025 to 2027. They will enable the Group to position itself on new high-end market segments and extend its leadership for 60 to 80-foot units. 

Alongside this, to relaunch demand in terms of volumes, weakened by a post-inflation context, the Group is stepping up the renewal of its entry-level offering. With the LAGOON 38 and BENETEAU First 30 for the Sailing business, or the PRESTIGE 4.3 and the FOURWINNS Freedom Series for the Motor business, the Group will launch 38 models over the next three years. With a refreshed and more accessible offering, the Group will attract new owners, who are today focused on the pre-owned market. 

Overall, some 66 new models will be launched between 2025 and 2027 (versus 44 for 2022-2024). Adapting the levels of industrialization to the size of series produced will make it possible to keep the investment budget at €75m to €85m per year over this period. While dealer stock levels will be normalized, this acceleration will enable the Group to support organic growth, outperforming its markets, and target revenues of €1.5bn in 2028, as well as an operating margin of 10% by this horizon. This ambition is based on a scenario for the boat market to be stable over the period from 2025 to 2028.

“It is when boat markets are down that launching new models and new ranges will enable solid operators to bounce back”, concludes Bruno Thivoyon, Groupe Beneteau Chief Executive Officer.