Yachting Art Magazine

The Bénéteau Group is entering 2026 in a period of transition following a 2025 financial year marked by a sharp slowdown in its business. Against a backdrop of macroeconomic uncertainty affecting the entire marine sector, the company recorded a significant decline in turnover and a deterioration in profitability, whilst maintaining a solid financial structure.

Early indicators for 2026, however, point to a gradual recovery, supported by a growing order book, a strengthened product innovation strategy and an expected improvement in operational performance.

A financial year 2025 marked by a decline in business

In 2025, the group generated turnover of €848.6 million, down 17% at constant exchange rates. This trend reflects a general slowdown in demand, affecting all geographical regions and segments of the boating industry.

The first half of the year was particularly challenging, with a marked contraction in business linked to the normalisation of stock levels within distribution networks. This adjustment phase, which began after several years of strong demand, weighed heavily on volumes. The decline in turnover in the first half of the year thus stood at over 27%, before the rate of decline slowed in the second half (-5.2%), reflecting the start of a stabilisation.

This gradual turnaround is partly due to the initial effects of the strategy to accelerate the launch of new models. All business segments showed signs of improvement in the second half of the year, albeit to varying degrees.

Multihull sailing limited its decline to 5% in the second half of the year, whilst monohull sailing remained in decline, with a significant annual drop, reflecting a more challenging market in this segment. As for motorboats, the situation appears more favourable: the motor yachting segment significantly reduced its decline, and the dayboating business regained positive momentum towards the end of the financial year.

Over the year as a whole, the decline in turnover was mainly due to a negative volume effect, concentrated in the first half of the year. The price and discount effect also had an impact, but was partially offset by a shift in the product mix towards higher-end ranges.

Profitability affected by market conditions and exceptional items

The Group’s current operating profit (COP) stood at -€21.6 million in 2025, representing a negative operating margin of 2.5%. This performance directly reflects the contraction in business, the impact of which is estimated at nearly €59 million.

Profitability was also affected by several external and internal factors. The normalisation of inflation, following a period of rising prices, had an estimated adverse effect of €25 million. Furthermore, exceptional costs weighed on results.

These factors include, in particular, the flexibility measures implemented in Europe to adjust production capacity whilst retaining skills, as well as the impacts linked to customs barriers and exchange rate fluctuations, particularly against the US dollar.

The roll-out of a new ERP system at the Bordeaux site also generated inefficiency costs and revenue losses in the first half of the year. In total, these exceptional items represent a cumulative negative impact of approximately €32 million on operating profit.

The Group’s EBITDA stands at €35.5 million, a sharp decline compared with the previous financial year, reflecting the overall deterioration in performance.

Net profit impacted by strategic refocusing decisions

Net profit attributable to the Group stood at -€43 million in 2025, compared with a significant profit in 2024, which, however, included exceptional items related to the disposal of businesses.

In addition to the decline in operating profitability, this negative result is attributable to the group’s decision to divest certain activities deemed unprofitable, notably boat club and charter operations.

These activities, held as minority interests, were affected by the persistent weakness of their markets. The group has therefore chosen to refocus its strategy by concentrating on services complementary to boat sales, such as financing, refits and after-sales.

This divestment resulted in a €29 million impairment of assets related to these activities, directly impacting the financial result.

Despite the deterioration in results, the Bénéteau group maintains a robust financial position. Net cash stood at €248 million at the end of 2025, a level considered high given the current climate.

The group generated positive free cash flow of €12 million, which is a notable achievement given the negative operating profit. This performance is primarily due to rigorous management of working capital requirements.

The reduction in inventories, amounting to €28 million over the financial year, helped to free up cash. Furthermore, capital expenditure was kept under control, whilst still enabling the continued development of new products.

This financial strength has also enabled the Group to maintain its dividend policy, with a proposed payout of €0.20 per share for 2026.

Governance: a transition within operational management

The 2025 financial year and the outlook for 2026 are also accompanied by changes within the Group’s operational governance. Gianguido Girotti, Chief Executive Officer, will step down from his role following the Annual General Meeting on 11 June 2026, after twelve years with the Group.

His departure comes against a backdrop of strategic transformation, marked in particular by the growing importance of the Design Centre and the acceleration of product development. To ensure the continuity of ongoing projects, the group has initiated a reorganisation with the creation of a Projects Division, headed by Sébastien Nolasco.

This change aims to strengthen coordination between the design and production teams, whilst reducing time-to-market. It forms part of an organisational adaptation strategy designed to improve competitiveness and support the group’s innovation strategy.

In response to the market slowdown, the group has prioritised an approach aimed at preserving its in-house expertise. Short-time working schemes have been introduced in France and Italy, enabling the retention of around 10% of the workforce affected.

This strategy is accompanied by an increased focus on training, with a rise in the number of training hours per employee. The aim is to maintain a high level of skills in anticipation of a business recovery.

A product strategy focused on innovation and moving upmarket

The group’s strategy relies largely on accelerating the launch of new models. Between 2025 and 2027, 66 new models are planned, including 24 for 2026 alone.

This drive aims to stimulate demand in a slowing market, whilst continuing to move the product range upmarket. Positioning in higher value-added segments is a lever for growth and differentiation.

At the same time, the group is continuing to develop more sustainable solutions, notably through the introduction of hybrid propulsion systems and the roll-out of circular economy initiatives in composite materials.

Prospects for recovery in 2026

At the end of February 2026, the group’s order book showed an increase of over 10% year-on-year, reflecting improved sales momentum.

This growth is driven by both the sail and engine segments, with a more pronounced increase in the latter. Against a backdrop where distributors’ inventories have now normalised, this trend serves as a leading indicator of recovery.

The Group therefore anticipates significant revenue growth in 2026, accompanied by a recovery in operating margins. This improvement should be supported by higher volumes, gains in competitiveness and the stabilisation of certain exceptional costs.

However, these prospects remain subject to developments in the macroeconomic and geopolitical environment.