Bénéteau (BEN) H1 2025 earnings summary

Executive summary

• Revenue for H1 2025 declined 27.5% year-over-year to €403.8m due to a global boating market slowdown, geopolitical uncertainty, US tariffs, and unfavorable exchange rates.

• EBITDA dropped to €8.5m (2.1% of revenues), with income from ordinary operations at -€20.6m and net income (Group share) at -€24.8m.

• Positive free cash flow of €14.3m and robust net cash position of €257.9m were maintained despite negative net income and operating losses.

• €115m in dividends paid, including €100m exceptional dividend from the sale of the Housing/Habitat division.

• Order intake increased, supported by strong reception of 23 new models at the Cannes Boat Show.

Financial highlights

• Revenues for H1 2025 were €403.8m, down 27.5% from €556.6m in H1 2024.

• EBITDA: €8.5m (2.1% margin) vs €77.7m (14.0% margin) in H1 2024.

• Income from ordinary operations: -€20.6m (vs. €49.5m in H1 2024).

• Net income (Group share): -€24.8m (vs. €49.4m in H1 2024).

• Free cash flow: €14.3m; net cash: €257.9m at June 30, 2025.

Outlook and guidance

• H2 2025 expected to see a return to growth and profitability, with revenues projected close to €500m and operating income around break-even for the full year.

• Launch of 66 new models planned between 2025 and 2027, with accelerated product development and premiumization strategies.

• US brands expected to return to breakeven in 2026, supported by competitiveness plans.

• Order intake is rising, supported by strong reception of new models at the Cannes show.