2026 half-year earnings
September 23, 2026
Disclaimer
This presentation and all the supporting documents, including the related oral presentations and discussions (collectively the “Presentation”), have been prepared by BENETEAU SA (the “Company”, and together with its subsidiaries and affiliates, the “Group”). By listening to the Presentation, by consulting it or consulting slides from the Presentation, you agree to the following. This Presentation does not constitute, and should not be construed as, an offer to sell or the solicitation of an offer to purchase or acquire any securities of the Group in any jurisdiction. This Presentation may contain certain forward-looking statements. Such statements refer in particular to the Group’s present and future strategy, the development of its operations, and future events and objectives. Such statements may include the terms “anticipate”, “believe”, “intend”, “estimate”, “expect”, “project”, “plan” and other similar expressions. By their nature, forward-looking statements involve risks and uncertainties, which could cause the actual results and performance of the Group to be materially different from the future results and performance expressed or implied by such forward-looking statements.
Contents
- First-half key developments
- Half-year financial results
- Outlook
H1 2026 key developments
Bruno Thivoyon
Chief Executive Officer
Income from ordinary operations turned around in H1
Highlights
- Success of the strategy to accelerate new model launches, representing 30% of H1’26 sales
- Middle East conflict slowing order intake since March
- Turnaround in profitability for the European brands (+€20m)
- Withdrawal from unprofitable US activities (RBH), production halt at Cadillac (FourWinns & Scarab brands)
- Elektra Marine Alliance to standardize on-board energy management for sailing yachts
- Development of refit and after-sales service activities (4% of sales)
On the offensive with a new model launch strategy that is delivering results
| NET INCOME (GROUP SHARE) | INCOME FROM ORD. OPERATIONS | FREE CASH FLOW | NET CASH | REVENUES |
|---|---|---|---|---|
| €(21)M (5.1)% of revenues | €(0.2)M (0.0)% of revenues + 5.1 pts | €(24)M | €202M | €449M + 11% |
H1 sales growth of 11% despite a challenging environment
Outperforming the market across all segments
Context marked by the conflict in the Middle East
- Climate of uncertainty on the boat markets
- Dealers continuing to manage inventory with a cautious approach
- Sharp decline in order intake since the start of the conflict
- Dayboating market starting to pick up
Group product strategy delivering results
- Success of the 23 new models launched in 2025 (nearly 30% of H1 sales)
- H1 retail sales growth of +14%
- Market share gains in both Sailing and Motor
| Market in 2026 | Beneteau in H1‘26 | |
|---|---|---|
| DAYBOATING | +8% | +19% |
| MULTIHULL | +19% | |
| MONOHULL | +19% | |
| MOTOR | +3% | |
| YACHTING |
Strategy evolving to address the US market
Withdrawal from loss-making operational activities
Industrial activities shut down in the US (RBH)
- Structural contraction in the bowrider & jet boat segments
- €30m of combined operating losses for 2024-2025 (-€9m in H1’26)
- Cadillac site closed effective July 31 (<5% of Group sales)
- Proposed disposal of the industrial assets and the 3 Four Winns, Scarab & Glastron brands launched
Your Boat Club
- Restructuring plan launched
- Disposal of 3 bases
- Reduction of the fleet and debt
Stronger ambitions for growth on the American market
Accelerating the development of the 7 strategic brands
- +29% export growth on the American market for the European brands in H1
- Continued repositioning of the American WELLCRAFT brand on Dayboating adventure segments
- Strengthening of the local distribution network
- Launch of an offering designed in the US for the BENETEAU brand (Flyer)
2026 first-half financial results
Nicolas Retailleau
Groupe Beneteau CFO
Growth and improved operational profitability in H1’26
- First-half revenues of €449m, up +11%, despite the impact of the conflict in the Middle East
- Income from ordinary operations improved by +€20m, driven by the recovery of the European brands and operational efficiency measures
- Net income (Group share) impacted by €(30)m of nonrecurring items (shutdown of activities in the US and earnout from the Housing sale)
- Solid net cash position of €202m, after €22m returned to shareholders in H1’26.
| H1 2026 | H1 2025 | Change | |
|---|---|---|---|
| Revenues | 449.2 | 403.8 | +11.2% |
| EBITDA | 29.4 | 8.5 | |
| % of revenues | 6.6% | 2.1% | +4.5 pts |
| Income from ordinary operations | -0.2 | -20.6 | |
| % of revenues | -0.0% | -5.1% | +5.1 pts |
| Net income (Group share) | -21.4 | -24.8 | |
| % of revenues | -4.8% | -6.1% | |
| Free cash flow | -24.3 | 14.3 | |
| Net cash | 201.7 | 257.9 |
Revenues and income from ordinary operations excluding activities shut down in the US (€m)
383 436
-12
9
First-half revenue growth of +11% despite the slowdown seen since the start of the Middle East conflict
+9% organic growth excluding base effects
- Volume effect for the European brands (+6%)
- Continued premiumization (+2%)
- Controlled pricing/rebates effect (+1%)
- Higher tariffs in the US, offset by refunds relating to 2025
+2% favorable base effect, net of the foreign exchange effect
- ERP migration in Q1’25 & sales deferred from Q4’25 (c. +€40m)
- Dealer inventory normalized (-€20m)
- Impact of discontinued US brands (€13m vs. €21m in H1’25)
- Acquisitions in services (+€3m)
- Changes in exchange rates (-€7m)
Retail sales growth of nearly 14%, supported by the success of the 23 new models launched in 2025
15 25 13 -7 404 449 H1'25 Base effect Volume Mix/Price Currency H1'26 250 300 350 400 450 500
+€20m upturn in income from ordinary operations
+€16m linked to sales growth
- Volume effect linked to the success of the new models
- Variable cost margin preserved in H1
+€8m of operational leverage
- ERP stabilized at the Bordeaux yard
- Productivity gains in Poland and France, supported by the volume effect
- Continued reduction of overheads and maintenance of flexibility measures in France/Italy
€(4)m of targeted expenditure
- Targeted R&D and commercial efforts to develop the business
Neutral impact in the US
- Unfavorable €/$ exchange rate impact offset by refunds of 2025 US tariffs
- Continued losses at the US industrial site, prior to the decision to close it (-€9m in H1’26 vs. -€8m in H1’25)
Return to profitability for continuing operations
Operating losses from discontinued RBH activities
Income excluding discontinued RBH activities
Income from ordinary operations
-9 -12 16 4 4 -4 2 9 -25 -20 -15 -10 -5 - 5 10 15 €m (20.6) (0.2) -8
Net income affected by €30m of non-recurring items
| €m | H1 2026 Reported data | H1 2025 Reported data |
|---|---|---|
| Income from ordinary operations | - 0.2 | - 20.6 |
| Other income and expenses | - 29.6 | 0.0 |
| Operating income | - 29.8 | - 20.6 |
| Financial income and expenses | - 1.6 | 4.2 |
| Share in income from associates | 2.1 | - 5.3 |
| Corporate income tax | - 5.9 | - 3.3 |
| Income from discontinued operations | 13.8 | 0.0 |
| Consolidated net income | - 21.4 | - 24.9 |
| Net income (Group share) | - 21.4 | - 24.8 |
| Net earnings per share (in €/u) | - 0.26 | - 0.30 |
Discontinued activities in the US: €(39)m
- €(9)m of income from ordinary operations (vs. -€8m in H1’25)
- €(10)m of provisions for costs and compensation
- €(20)m impairment of assets relating to brands, molds and tools (with no buyer confirmed at this stage)
Other non-recurring items: +€9m
- €(3)m of financing required in H1’26 for the disposal of Boat Club activities in the US (vs. -€8m impairment of securities of charter companies in H1‘25)
- €(2)m impairment of deferred tax assets
- €14m earnout from the Housing division’s sale, received in July
Recurrent non-operating items
- €4m of net financial income, generated directly or from the share of equity-accounted financing companies (vs. €7m in H1’25)
Net income of +€9m, excluding non-recurring items
Solid net cash position of €202m
Change in net cash
Free cash flow of -€24m
- Gradual turnaround in operating cash flow (+€9m vs. H1’25)
- Net investments of €31m, in line with 2025 (€29m) and lower than depreciation and amortization, despite the accelerated launch of new models.
- Working capital requirements in Q2’26 marked by the impacts of the Middle East conflict on the order intake slowdown and production inventory
Shareholder return policy maintained
- €16m of dividends paid
- €6m of share buybacks in H1’26
End-December 2025 cash management incident fully recovered
248 17 -31 -9 -2 224 -22 202 - 50 100 150 200 250 300
Outlook
Market context continuing to be affected by uncertainty, but with a still strong appetite for boating
Environment that remains uncertain
- Ongoing Middle East and Russia-Ukraine conflicts
- Brent barrel price >$100
- Changes in interest rates
- Geopolitical situations
Resilience factors
- Good summer season for charter activities
- High levels of recreational boating activity during the summer
- Sustained trends continuing on the preowned market
- Dayboating market starting to bounce back
- Positive sales momentum at the shows
Uncertainty is still delaying decisions — not erasing demands
Group’s priorities at the start of the 2026-27 season
Continued measures to boost the business
Developing the client experience
- 66 models in 2025-2027 (+50% vs. 2022-24)
- 18 new models presented in Cannes (out of 24 planned for the season)
Strengthening competitiveness
- Continuing to turn around the Group’s profitability
- Elimination of structural sources of losses
- Continued adaptation measures
Innovating sustainably
- Roadmap to reduce CO₂ intensity by -30% by 2030
- Founding of the Elektra Marine Alliance
Developing on adjacent markets
- While maintaining a sound financial structure
- Development of accessibility through the Refit and Service offerings
Developing the client experience through an ambitious product offering to boost demand
Sustainability Accessibility Premium
New models
2026-2027 season
New models
exhibited in Cannes
Very good response to new models at the Cannes show, with sales exceeding the previous event despite a still uncertain market context
- Jeanneau • EX 34
- Lagoon • Lagoon 47
- Prestige • Prestige F6,7
- Beneteau • Oceanis 42
Strengthening competitiveness
Continuing to turn around profitability
- Design-to-cost approach integrated into the product development strategy
- Effective control over investments, balanced between expanding the offering and improving existing models
- Growth in activity at the production sites in Poland and operational leverage effect in France with the renewal of core-range models
- Ongoing measures to adapt the cost structure
- Optimization of purchase prices against a backdrop of energy and material price inflation
€5-10m of competitiveness gains in 2026 in addition to the volume effect
Jeanneau Cap Camarat 6.0
Beneteau Swift Trawler 43
Innovating sustainably
Focus on the E. lektra Marine Alliance
Client benefit
- Comfort on the move and when moored (Silent Mode)
- Comprehensive energy management platform (including propulsion)
- Security of a global, certified after-sales service network
- Reduced environmental impact (-50% to -100% lower in-use emissions)
Ability to transform the ecosystem
- Unprecedented alliance between 2 major boat industry players
- Competitiveness gains with a standardized technical solution
- Robust, modular design across the entire range of sailing units
- JOOOL: commercial brand adopted by 8 yards
- Appointment of a president with 30 years’ experience of the automotive industry and its electrification
10-15% sailing market penetration by 2030
FROM 21KWH TO 300KWH STORAGE AC/DC - DC/DC - DC/AC ENERGY MANAGEMENT FROM 25KW TO 50KW PROPULSION DEDICATED HMI INTERFACES ELECTRIC POWER MANAGEMENT SYSTEM
Developing on adjacent markets
Focus on the NEO refit offering
Customer benefit (NEO is Good)
- Better resale value for owners
- Extended lifespan and lower total cost of ownership
- Accessibility and reliability for buyers
- Reduced environmental impact through the circular economy
Competitive advantage (NEO is Strong)
- In-depth knowledge of our boats (3D model of each model, specific equipment, etc.)
- 3 industrial sites with direct access to the sea, infrastructure and expertise
- Technical capabilities (extended warranty, integration of the latest innovations)
NEO offering structured around 3 brands and 8 sailing models
Lagoon 620 • 450 Oceanis 46.1 • 51.1 Sun Odyssey 519 • 440 Lagoon 620 Neo Lagoon 620 • 450 • 42 • 52 Oceanis 46.1 • 51.1 Sun Odyssey 519 • 440
Outlook for 2026
+4% to +9% revenue growth forecast excluding discontinued activities in the US
- Order book for deliveries during the year now higher than 2025 sales
- Stronger ambitions for growth on the American market
- Success of the product strategy to outperform a market that continues to be affected by the Middle East conflict
- Group consolidated revenues expected to reach €860-900m
Return to profitability over the full year excluding discontinued activities in the US
- Source of losses in the US eliminated at end-H1 (-€9m cumulative operational impact for FY)
- Continued rollout of the stabilized ERP
- Operational excellence and continued measures to adapt the cost structure to evolving markets
- Competitiveness gains partially redeployed to accelerate the development of new activities
2026 THIRD-QUARTER REVENUES
November 4, 2026
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