par BENETEAU (EPA:BEN)
260923 BENETEAU Results H1 2026
Press release - September 23, 2026
Income from ordinary operations turned around in H1 Continued implementation of the strategy to outperform the market
- Income from ordinary operations returned to breaking even in the first half of the year, increasing by more than €20m
- Net income impacted by €30m of non-recurring expenses, linked primarily to the impairment of assets for the discontinued American brands
- Very good response to the 18 new models presented at the Cannes show, with sales exceeding the previous event despite a deterioration in the market environment
- Sales expected to grow by +4% to +9% in 2026 (excluding discontinued American activities), with full-year consolidated revenues to reach €860m to €900m
- Continued operational discipline and ongoing measures to adapt the cost structure: positive income from ordinary operations expected for the year, excluding the impact of the discontinued American activities
Saint-Gilles-Croix-de-Vie, September 23, 2026
“The first half of the year confirms the upturn in the Group’s business, with 11% revenue growth, outperforming the market across every segment, and a significant turnaround in income from ordinary operations, which returned to positive territory, excluding the American activities which the Group is withdrawing from.
The ongoing conflict in the Middle East has weighed on order intake since March and continues to call for a cautious approach. However, the very good response to the 18 new models presented at Cannes, the first stage of a plan for 24 launches over the season, reinforces our confidence in our product strategy to go on the offensive”, confirms Bruno Thivoyon, Groupe Beneteau Chief Executive Officer.
| H1 2026 | H1 2025 | Change | ||
|---|---|---|---|---|
| Reported data | At constant currency | |||
| Revenues | 449.2 | 403.8 | + 11.2% | + 13.0% |
| EBITDA | 29.4 | 8.5 | ||
| % of revenues | 6.6% | 2.1% | +4.5 pts | +5.3 pts |
| Income from ordinary operations | -0.2 | -20.6 | ||
| % of revenues | 0.0% | -5.1% | +5.1 pts | +6.0 pts |
| Net income (Group share) | -21.4 | -24.8 | ||
| % of revenues | -4.8% | -6.1% | +1.4 pts | |
| Free cash flow1 | -24.3 | 14.3 | ||
| Net cash | 201.7 | 257.9 | ||
Income from ordinary operations turned around in H1
Group revenues climbed to €449.2m2 for the first half of 2026, up +11.2% (+13% at constant currency). Excluding base effects and the foreign exchange impact, growth came to +9% over the period. The Group outperformed the boat market across all its segments, driven by the success of the 23 new models launched in 2025, which accounted for nearly 30% of first-half sales. However, the good trend for retail sales, up 14% over the period, was recorded against the backdrop of a marked slowdown in order intake since the start of the Middle East conflict in March, with the cautious management of dealer inventory levels.
Income from ordinary operations improved by nearly €20m, returning to breakeven (-€0.2m vs. -€20.6m in H1 2025). Excluding the American activities which the Group is withdrawing from, income from ordinary operations returned to positive territory at +€9m, compared with a €12m loss one year earlier on a like-for-like basis. This turnaround mainly reflects volume growth (+€16m contribution to income) and operational drivers (+€8m additional impact). These drivers specifically reflect the stabilization of the ERP, the productivity gains achieved in France and Poland, and the ongoing work to reduce overheads. These gains were partly redeployed into targeted R&D and business development spending, for €4m over the period.
The discontinued American activities recorded a €9m first-half operating loss, compared with €8m one year earlier, with revenues of €13m and €21m respectively. Over the full year in 2025, these activities represented a loss of nearly €13m with revenues of €39m.
Net income affected by €30m of non-recurring items linked primarily to the American industrial activities shut down
Net income (Group share) came to -€21.4m for the first half of 2026, compared with -€24.8m for the first half of 2025. This takes into account a -€30m net impact for non-recurring items, including -€39m relating to the American activities which the Group is withdrawing from: in addition to €9m of operating losses, this amount includes €10m of provisions for costs and compensation and €20m for the impairment of assets relating to brands, molds and tools, with no buyer confirmed at this stage for the entire business. In addition, the Group recorded a €3m non-recurring expense relating to the disposal of the American boat club activities and a €2m impairment of deferred tax assets. These items were partially offset by a €14m earnout relating to the Housing division’s sale, received in July. Excluding non-recurring items, first-half net income would have been positive at €9m.
Solid net cash position maintained, with €202m
Free cash flow came to -€24.3m for the first half of the year. Gradually picking up again, operating cash flow totaled €17m (+€9m vs. H1 2025) for €31m of net investments (vs. €29m for H1’25), in line with depreciation and amortization for the period, despite the acceleration of the product plan. Working capital requirements, which changed by -€9m over the period, were affected in the second quarter by the impact of the Middle East conflict on order intake and production inventory. The Group maintained a solid net cash position of €201.7m at June 30, 2026, after returning €22m to shareholders during the first half of the year (€16m of dividends and €6m of share buybacks).
Outlook for 2026
In a market environment still marked by significant macroeconomic and geopolitical uncertainty, which has weighed on the Group’s order intake since the start of the Middle East conflict in March 2026, the Group is continuing to implement its strategy to go on the offensive with the accelerated launch of new models. The Group is therefore accelerating the renewal of its ranges across all its segments, making its entry-level offerings more accessible, while continuing to move forward with the premiumization of its brands.
At the Cannes show, which marked the opening of the 2026-27 season, 18 new models out of the 24 planned for 2026 were presented and received a very positive response. The sales recorded by the Group and its distribution network exceeded the level achieved at the previous show, in terms of both volume and value, confirming the Group’s ability to outperform a market that is subject to major constraints. For the Sailing business, the weak level of demand overall was notably offset by the strong success of the Lagoon 47 in the core multihull sailing segment. Despite the slowdown on the premium Motor Yachting segments, PRESTIGE’s F4.9 model and BENETEAU’s Swift Trawler 43 supported the robust trends resulting from the renewal of the Gran Turismo range since 2025. On the Dayboating segments, the Group achieved a strong acceleration in sales, thanks to the successful launches of accessible models from JEANNEAU (Cap Camarat 6.0 and EX34) and BENETEAU (Flyer 30) and the continued repositioning of the WELLCRAFT brand.
Groupe Beneteau is clarifying its full-year outlook for revenue growth and the turnaround in profitability in 2026. It is now forecasting sales growth of 4% to 9%, excluding the American activities which it is withdrawing from, with total consolidated revenues to reach €860m to €900m (vs. €848m in 2025, including €39m for the discontinued activities). This outlook is supported by an order book for deliveries during the year that is now higher than the level of sales for 2025, as well as the continued success of the strategy to accelerate the renewal of the product offering. Alongside this, the Group will continue moving forward with its actions to develop industrial efficiency and manage costs effectively, while ensuring that its resources are aligned with the changes in its activity and market conditions. Thanks to this growth in business, combined with the ongoing adaptation measures, income from ordinary operations is expected to return to positive territory for the full year, excluding the discontinued American activities (operating losses for the year limited to the -€9m generated in H1).
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Groupe Beneteau will report its revenues for the third quarter of 2026 on Wednesday November 4 after close of trading.
A presentation of the half-year business and financial results is available on the Groupe Beneteau website. The half-year activity report will be available by September 30, 2026.
A limited review has been carried out on the half-year financial statements. The limited review report is currently being issued.
FINANCIAL GLOSSARY
At constant currency: change calculated based on figures for the period from January 1, 2026 to June 30, 2026 converted at the exchange rate for the same period in 2025 (January 1, 2025 – June 30, 2025).
Order book for deliveries during the year: corresponds to all the sales scheduled for delivery during the current year, including the revenues already recorded since the start of the year.
Retail sales: sales by the distribution networks, corresponding to the Group’s revenues adjusted for the change in inventory reported by dealers.
EBITDA: earnings before interest, taxes, depreciation and amortization, and IFRS 2 and IAS 19 adjustments following IFRS GAAP, i.e. income from ordinary operations restated for allocation / reversal of provisions for liabilities and charges, depreciation charges and IFRS GAAP (IFRS 2 and IAS 19).
Free cash flow: cash generated by the company during the reporting period before dividend payments, changes in treasury stock and the impact of changes in scope.
Net cash: cash, cash equivalents and current cash management assets after deducting financial debt and borrowings, excluding financial debt with floor plan-related financing organizations.
ABOUT GROUPE BENETEAU
Founded in Vendée 140 years ago by Benjamin Bénéteau, Groupe Beneteau is today a global boat industry leader. With its international industrial capabilities, across 16 production sites, and its global sales network, the Group recorded revenues of €850m in 2025 and employs nearly 6200 people, primarily in France, the United States, Poland, Italy, Portugal and Tunisia.
In line with its mission, Bringing Dreams to Water, Groupe Beneteau designs and creates boats and services to offer a unique experience on the water. With its nine brands, its Boat division offers more than 135 recreational boat models, serving its customers’ diverse navigational needs and uses, from sailing to motorboating, monohulls and catamarans.
Through its Boating Solutions division, the Group is also present in the daily or weekly rental services, marina, digital and financing sectors.
CONTACTS – GROUPE BENETEAU
SHAREHOLDER CONTACT
Ms Julie Etienne
j.etienne@beneteau-group.com
Address: 16 bd de la Mer – CS 43319
85803 Saint Gilles-Croix-de-Vie Cedex - France
INVESTOR RELATIONS
Mr Clarence Duflocq
c.duflocq@beneteau-group.com
Tel +33 (0)2 51 26 88 50
MEDIA RELATIONS
Ms Barbara Bidan
b.bidan@beneteau-group.com
Tel +33 (0)2 51 26 88 50
APPENDICES
EBITDA RECONCILIATION
| €m | H1 2026 | H1 2025 |
|---|---|---|
| Group income from ordinary operations | -0.2 | -20.6 |
| Current depreciation | 30.3 | 30.2 |
| Provisions | -2.4 | -2.3 |
| Other | 1.7 | 1.2 |
| Group EBITDA | 29.4 | 8.5 |
CONSOLIDATED FINANCIAL STATEMENTS
INCOME STATEMENT
| €’000 | H1 2026 | H1 2025 |
|---|---|---|
| Revenues | 449,220 | 403,798 |
| Change in inventories of finished products and work-in-progress | 30,830 | 3,508 |
| Other income from operations | 35 | 146 |
| Purchases consumed | (210,969) | (180,046) |
| Staff costs | (165,213) | (149,781) |
| External expenses | (58,712) | (54,074) |
| Tax | (10,140) | (9,391) |
| Depreciation | (30,254) | (30,222) |
| Other current operating expenses | (6,857) | (5,836) |
| Other current operating income | 1,899 | 1,322 |
| Income from ordinary operations | (160) | (20,575) |
| Other income and expenses | (29,619) | (9) |
| Operating income | (29,780) | (20,583) |
| Income from cash and cash equivalents | 4,153 | 5,627 |
| Gross finance costs | (2,588) | (2,467) |
| Net finance costs | 1,565 | 3,161 |
| Other financial income | 48 | 1,077 |
| Other financial expenses | (3,207) | (8) |
| Financial income and expenses | (1,594) | 4,225 |
| Share in income of associates | 2,119 | (5,312) |
| Corporate income tax | (5,899) | (3,264) |
| Net income from continuing operations | (35,153) | (24,933) |
| Income from discontinued operations | 13,774 | 0 |
| Consolidated net income | (21,379) | (24,933) |
| Non-controlling interests | 16 | (128) |
| Net income (Group share) | (21,395) | (24,806) |
BALANCE SHEET
| ASSETS (€’000) | At Jun 30, 2026 | At Dec 31, 2025 |
|---|---|---|
| Goodwill | 33,147 | 35,152 |
| Other intangible assets | 5,791 | 12,632 |
| Property, plant and equipment | 294,111 | 301,760 |
| Investments in associates | 66,906 | 64,865 |
| Non-current financial assets | 4,599 | 4,656 |
| Deferred tax assets | 13,180 | 16,002 |
| Non-current assets | 417,733 | 435,067 |
| Inventories and work-in-progress | 319,105 | 283,811 |
| Trade receivables and related | 22,545 | 23,624 |
| Other receivables | 70,701 | 61,410 |
| Floor plan-related dealer receivables | 246,612 | 238,374 |
| Current tax assets | 4,867 | 19,426 |
| Financial assets relating to the cash management incident | 104 | 84,795 |
| Current cash management assets | 30,000 | 0 |
| Cash and cash equivalents | 289,609 | 292,361 |
| Current assets | 983,543 | 1,003,801 |
| Assets held for sale | 0 | 0 |
| Total assets | 1,401,276 | 1,438,869 |
| SHAREHOLDERS’ EQUITY AND LIABILITIES (€’000) | At Jun 30, 2026 | At Dec 31, 2025 |
|---|---|---|
| Share capital | 8,279 | 8,279 |
| Additional paid-in capital | 27,850 | 27,850 |
| Treasury stock | (33,516) | (27,851) |
| Consolidated reserves | 698,679 | 764,478 |
| Consolidated income | (21,396) | (42,953) |
| Shareholders’ equity (Group share) | 679,896 | 729,804 |
| Non-controlling interests | 280 | 280 |
| Total shareholders’ equity | 680,176 | 730,084 |
| Provisions | 9,803 | 12,310 |
| Employee benefits | 21,769 | 21,490 |
| Financial liabilities | 17,884 | 19,511 |
| Other non-current liabilities | 2 | 0 |
| Deferred tax liabilities | 0 | (1) |
| Non-current liabilities | 49,459 | 53,310 |
| Short-term loans and current portion of long-term loans | 99,978 | 109,699 |
| Floor plan-related financial debt with financing organizations | 246,612 | 238,374 |
| Trade payables and related | 104,703 | 99,174 |
| Employee benefits | 179 | 0 |
| Other liabilities | 177,428 | 174,727 |
| Other provisions | 40,221 | 32,468 |
| Current tax liabilities | 2,518 | 1,034 |
| Current liabilities | 671,641 | 655,476 |
| Liabilities held for sale | 0 | 0 |
| Total shareholders’ equity and liabilities | 1,401,276 | 1,438,869 |
CASH POSITION
| €’000 | H1 2026 | H1 2025 |
|---|---|---|
| Consolidated net income | (21,379) | (24,933) |
| Net income from discontinued operations | 13,774 | 0 |
| Net income from continuing operations | (35,153) | (24,933) |
| Share in income of associates (restated for dividends received) | (2,123) | 5,312 |
| Elimination of income and expenses without any impact on cash flow or unrelated to operations | 54,678 | 28,252 |
| Depreciation and provisions | 50,568 | 28,988 |
| Capital gains or losses on disposals | 554 | 190 |
| Deferred tax | 3,556 | (926) |
| Operating cash flow | 31,176 | 8,631 |
| Change in working capital requirements | (22,006) | 27,815 |
| Inventories and work-in-progress | (34,610) | (12,713) |
| Receivables | (12,721) | (1,800) |
| Current tax | 16,063 | 9,946 |
| Payables | 9,262 | 32,382 |
| Change in floor plan-related dealer receivables | (3,848) | 101,850 |
| Cash flow from operating activities for discontinued operations | 0 | 6,220 |
| Total 1 - Cash flow from operating activities | 5,322 | 144,516 |
| Fixed asset acquisitions | (28,683) | (26,511) |
| Fixed asset disposals | 562 | 1,104 |
| Fixed asset-related receivables - payables | (2,602) | (3,379) |
| Change in current cash management assets | (30,377) | 0 |
| Impact of changes in scope | 0 | (1,400) |
| Other flows relating to the cash management incident | 84,691 | 0 |
| Cash flow from investment activities for discontinued operations | 0 | 0 |
| Total 2 - Cash flow from investment activities | 23,591 | (30,186) |
| Change in share capital | 0 | 0 |
| Other cash flow from financing activities | 0 | 0 |
| Treasury stock | (5,930) | (823) |
| Dividends paid to shareholders | (15,878) | (115,102) |
| Issuing of financial debt | 1,488 | 19,511 |
| Repayment of financial debt | (3,403) | (3,994) |
| Change in floor plan-related financial debt with financing organizations | 3,848 | (101,850) |
| Cash flow from financing activities for discontinued operations | 0 | 0 |
| Total 3 - Cash flow from financing activities | (19,875) | (202,258) |
| CHANGE IN CASH POSITION (1+2+3) | 9,038 | (87,928) |
| Opening cash position | 260,026 | 442,031 |
| Closing cash position | 268,850 | 352,841 |
| Closing cash position adjusted for the cash management incident1 | 268,954 | 352,841 |
| Impact of changes in exchange rates | (214) | (1,262) |
Notes
- Excluding net cash flow relating to the earnout paid in 2025 for the Housing activity’s sale
- Following a -€3m adjustment compared with the H1 2026 revenues published on July 27, linked primarily to the restatement of refunds for tariffs in the United States.
- Cash management incident from December 23, 2025, as restated in the 2025 annual financial statements.