The Boat division of Groupe Bénéteau, the world's number two in yachting and pleasure boating (Bénéteau, Jeanneau, Prestige, Lagoon, Excess, Delphia, Wellcraft, Four Winns, Scarab...) posted a 33% drop in sales to the end of September, down 25% in sailing and 40% in powerboats.

• After a record year in 2023, sales for the Bénéteau Group's Boat division were down -33% at the end of September.
• Continued inventory reduction in the networks (€110M over the first 9 months), in line with the €100 to €150M reduction forecast for the full year.
• Sales to end-customers (sell-out) down 7% to end-September, accentuated in Q3 by the slowdown in the multihull sailboat market.
• Confirmation of sales forecasts for fiscal 2024, expected to be in the order of €1 billion, and of operating margin for the Boat division, targeted at between 4% and 6%.
• Confirmation of the sale of the Habitat division, authorized by the French competition authorities: closing of the transaction expected by the end of the year.

Bruno Thivoyon, CEO of the Bénéteau Group, told ActuNautique Yachting Art on the occasion of the publication of its figures to the end of September: "Dynamics are mixed at the first back-to-school boat shows, but order intake there is generally better than in 2023 for the Group and its distribution network. This contributes to the continued reduction of inventories since the beginning of the year, and to the deployment of our strategy to move upmarket, enabling us to confirm our forecasts for the year. While a wait-and-see attitude remains the order of the day for smaller units, whose market dynamics are still affected by inflation and rising interest rates, the catamaran segment is in turn experiencing a slowdown phase after 4 years of post-Covid euphoria, which the launches of 5 new models over the course of a year will gradually offset. Macroeconomic uncertainties and the still poor visibility for the current season continue to weigh on the Group's results. The measures implemented, both in terms of adapting the cost structure and launching new products, as well as the normalization of distributor inventories, should nevertheless enable the Group to rebound from the second half of 2025”.

Boat Division: inventory reduction continues

Against a backdrop of high interest rates, the Boat Division has continued to support its dealer network in optimizing its inventories, with significant assistance on each sale. After a reduction of over €30 million in the third quarter, inventory levels have fallen by almost €110 million since the start of the year, in line with the full-year forecast of €100 to €150 million.

Year-to-date sales for the Boat Division thus amounted to €736.1M, compared with €1105.1M for 2023.

Excluding changes in dealer inventories, sales to end-customers were down by around 7%: the drop in volume demand, particularly for smaller units, seems to have been partially offset by the effects of the shipyard's move upmarket.

SAILING: Compared with an excellent level of activity in 2023, sailboat sales have contracted by 25% since the start of the year, mainly due to a sharp slowdown in demand for monohull sailboats since the beginning of the year, followed by a more recent slowdown in the multihull sailboat market. In this segment, smaller units are now affected by inflation, rising interest rates, and the suspension of certain investment aid programs.

MOTORBOATS: In the motorboat segments most affected by network inventory reductions, sales have fallen by over 40% since the start of the year. Excluding destocking, sales to end-customers have been stable since the start of the year, with the 10% decline in the number of units delivered to owners over the period offset by the ongoing move upmarket in the product offering.

Boat annual outlook: Boat forecasts confirmed and Habitat divested

With the start of the boating season on September 1, visibility on business is still only partial. For Bénéteau, sales are expected to be better overall than in 2023 at the leading European and American boat shows, particularly for larger units such as the new Prestige 5.7 and Beneteau Trawler 54 presented at the Cannes boat show.