43% drop for French boatbuilder

Groupe Beneteau has reported first-quarter 2025 revenues of €130.4m, a 43 per cent decrease compared to the same period in 2024.

The French boatbuilder notes the decline reflects an expected reduced demand across all boat segments, continued destocking within the dealer network (accounting for a €40m impact over the quarter) and a temporary production halt linked to the launch of a new ERP (Enterprise Resource Planning) system — a type of software used by business to manage and integrate the key parts of their operations.

The company predicted it would see a slowdown in H1 2025 earlier this year, as reported by MIN.

Revenue from sailing boats dropped by 51 per cent, affected by declining multihull demand and a 59 per cent contraction in orders from professional charter firms, particularly following the end of subsidy programmes in markets such as Greece. Revenue from motorboats decreased by 36 per cent, with dayboating segments in Europe showing weaker performance. Sales of motor yachts through the distribution network remained steady overall, with the “wait and see” approach used by clients in the US offset by relatively strong performance elsewhere. The group’s American brands saw the first signs of a turnaround in their billing levels, coming in higher than the previous year for the second consecutive quarter.

The company maintains a net cash position exceeding €240m as of end-March 2025, supported by adjustments to cost structures and production schedules.

Groupe Beneteau says it expects the first half of the year to mark a low point for both revenues and profitability. A gradual recovery is anticipated in the second half, supported by the launch of 20 new models ranging from 8 to 24 metres. These include premium products such as the Lagoon 82, Beneteau First 60, Prestige M7 and Four Winns TH32 and H33 models, which will be presented at the Cannes and Paris boat shows in 2025.

“The macroeconomic environment, and particularly the uncertainty surrounding tariffs in the United States and their consequences for the global economy, is increasing the wait-and-see approach adopted by our clients and our distributors during the first half of this year, which is expected to see a loss,” says Bruno Thivoyon, Groupe Beneteau chief executive. “In this context, the group is focusing on three priorities: supporting and developing its distribution network, accelerating its product developments, and continuing to adapt its cost structure in line with changes on the markets.

The group has confirmed plans to absorb part of the US import tariffs on behalf of its dealers, a move expected to impact its 2025 operating income by approximately €10m.

“The second half of the year will be marked by the launch and ramp-up of 20 new models, ranging from 8 to 24 metres,” adds Thivoyon. “This line-up will support the group’s premiumisation and the renewal of its entry-level offering, enabling it to embark on an upturn in activity, while dealer stock levels will be normalised.”

Looking ahead, revenue for the full year is projected to fall between €900m and €1bn.

Groupe Beneteau will report first-half revenues on 24 July and half-year earnings on 24 September.