Yachting Art Magazine

The Vendée-based group reported a sharp decline in revenue in the first quarter of 2025, against a backdrop of network divestments, macroeconomic tensions and industrial restructuring. Recovery is expected in the second half of the year, driven by a wave of product launches.

The Beneteau Group posted revenue of €130.4 million in the first quarter of 2025, down 43% compared to the same period in 2024.

This sharp decline, exacerbated by the disappearance of deliveries of boats ordered after Covid with long delivery times (backlogs), which had supported the group's figures over the last 18 months despite the collapse in new boat sales since the end of 2023, comes against a backdrop of slowing demand across all boating markets, reinforced by a trend towards early destocking within the distribution network and a halt in production linked to the implementation of a new ERP system.

Management expects the first half of the year to be the low point in terms of both activity and profitability.

The first three months of the year are traditionally not very representative of the sector due to the highly seasonal nature of the business. However, geopolitical and trade tensions, particularly the ongoing uncertainty surrounding customs duties in the United States, have exacerbated the wait-and-see attitude of distributors. The latter have reduced their inventories by around €40 million, in line with the annual reduction target of between €50 million and €100 million.

Sailing down 51%

The Sailing segment suffered a 51% decline over the period, affected by a sharp drop in sales to professional charterers, particularly in multihulls, linked to the discontinuation of certain support measures in Greece. The temporary closure of the Bordeaux site for the implementation of a new ERP system also weighed on deliveries, to the tune of €20 million.

Engines down 36%

Motorboat sales fell by 36%, impacted by the slowdown in sales in the dayboating segment in Europe. While the United States is showing clear signs of caution, demand remains strong in other regions, stabilising sales in the motor yachting distribution network. Beneteau's American brands even recorded a partial rebound for the second consecutive quarter.

By geographical region, Europe saw a 42% decline, North and Central America 41%, and other regions 27%. The fleet segment, which is geared towards rental, fell by nearly 59%.

Despite this downturn in activity, Beneteau remains in a solid financial position, with net cash of €240 million at the end of March. This stability is attributed to the measures already implemented to adjust production rates and optimise costs.

20 new products in development to bounce back from the crisis

Faced with a still uncertain recovery, the group is focusing on three priorities: supporting its distribution network, accelerating product development and continuing to reduce fixed costs. The second half of the year should mark a phase of revitalisation, with the planned launch of 20 new models ranging from 8 to 24 metres. These new models are designed to strengthen the premium offering while renewing the entry-level range.

Several strategic models have been announced: the Lagoon 82, the Beneteau First 60, the Prestige M7 and the Fourwinns TH32 and H33. At the same time, the Lagoon 38 and the EXCESS 13, equipped with electric propulsion, were well received at the last international multihull boat show.

Beneteau plans to support its American network by covering part of the customs duties, which could affect its operating profit by up to €10 million for the financial year. The revenue target for 2025 remains between €900 million and €1 billion, but is subject to changes in the international environment.