Press release – November 6, 2024




Continued destocking across the networks
and full-year forecasts confirmed
 Boat division revenues down -33% at end-September, following a record year in 2023
 Continued reduction in inventory across the networks (€110m over the first nine months), in
line with the forecast for a full-year reduction by €100m to €150m
 Sales to end clients (sell-out) are down 7% at end-September, with this trend compounded
in Q3 by the slowdown on the multihull sailing market
 Full-year forecasts confirmed for 2024 revenues, with around €1bn expected, and a target
ordinary operating margin of 4% to 6% for the Boat division
 Housing division’s sale approved by the competition authorities: operation scheduled to be
carried out by the end of the year



“There are contrasting trends from the first autumn shows, but the levels of orders recorded at them
are better overall than in 2023 for the Group and its distribution network. This is contributing to the
continued reduction in inventory seen since the start of the year, as well as the rollout of our
premiumization strategy, enabling us to confirm our forecasts for the year.

While a wait-and-see approach can still be observed for small units, whose market trends are always
affected by inflation and increases in interest rates, the catamaran segment shows a slowdown
phase following four buoyant years post Covid, which the launches of five new models over one year
will make it possible to gradually offset.

The macroeconomic uncertainty and the still limited visibility regarding the current season are
continuing to weigh on the Group’s results. The measures rolled out, in terms of both adapting our
cost structure and launching new products, and the normalization of distributor inventory levels are
nevertheless expected to enable the Group to bounce back from the second half of 2025”, confirms
Bruno Thivoyon, Groupe Beneteau Chief Executive Officer.

Change
Revenues (€m) 2024 2023 Reported Constant
data exchange
rates
Group (before IFRS 5) 193.9 315.6 -38.6% -38.4%
Third
Boat division (revenues after IFRS 5) 179.5 292.2 -38.6% -38.4%
quarter
Housing division (1) 14.4 23.5 -38.5% -38.5%
Group (before IFRS 5) 960.3 1 ,343.9 -28.5% -28.5%
9
Boat division (revenues after IFRS 5) 736.1 1 ,105.1 -33.4% -33.3%
months
Housing division (1)
224.2 238.8 -6.1% -6.1%
(1)
In accordance with IFRS 5, the Group has restated the Housing division’s sales under “operations held for sale”.
Press release – November 6, 2024


Boat division


In a context of still high interest rates, the Boat division has continued to support its dealer network to
optimize its inventory levels. Following a decrease of over €30m in the third quarter, the reduction has
reached nearly €110m since the start of the year, in line with the full-year forecast of €100m to €150m.

Boat division revenues since the start of the year came to €736.1m, compared with €1,105.1m for 2023.
Excluding the changes in dealer stock levels, sales to end clients are down by around 7%: the reduction
in demand in terms of volumes, particularly for smaller units, was partially offset by the positive impacts
of the premiumization of the division’s entire product offering.

Compared with an excellent level of business in 2023, sales of sailing models have contracted by 25%
since the start of the year, primarily due to a significant slowdown in demand for monohull sailing since
the start of the year, followed by a more recent slowdown on the multihull sailing market. On this
segment, the smaller units are now affected by inflation, the increase in interest rates and the
suspension of certain investment support programs.

For the motorboat segments, which are most affected by the reduction in inventory across the
networks, sales are down by more than 40% since the start of the year. Excluding destocking, sales to
end clients are stable since the start of the year, with the 10% contraction in the number of units
delivered to their owners over the period offset by the continued premiumization of the product
offering.


Housing division


The Housing division’s sales came to €14.4m in the third quarter of 2024, which is traditionally the
weakest quarter due to the seasonality of this business. Over the first nine months of the year, the
division recorded €224.2m of revenues, down 6% from 2023. Following three years of very strong
growth, demand on the camping tourism market is normalizing. The slowdown of demand in France
was partially offset by the development of this activity in Southern Europe. Export deliveries represent
nearly one quarter of leisure home sales since the start of the year, compared with less than 20% for
the previous year.


External recognition for environmental management


The Group is also continuing to roll out its approach to continuously improve its environmental
management system. A few months after the Bordeaux site, the Olecko yard in Poland also achieved
ISO 14001 certification. More than 80% 1 of boat building activities are now carried out at sites that are
audited by an independent third party, certifying compliance with these international standards. As
this yard is the main builder of boats with 100% electric propulsion, this certification marks a significant
step forward to ensure a better alignment of the Group’s activities with the European taxonomy.




1
Calculated based on the hours worked in 2023
Press release – November 6, 2024


Full-year outlook: confirmation of the Boat business forecasts and Housing sale


At the start of this boat season, visibility over this activity is still partial. Overall, commercial activity levels
are better than in 2023 for the first European and American shows, particularly with larger units such
as the new Prestige 5.7 and Beneteau Trawler 54, which were presented at the Cannes show.
Showcasing its agility, the Group is continuing to roll out a range of adaptation measures enabling it to
adapt its cost structure, while safeguarding its capacity to bounce back when inventory levels have
normalized within the distribution networks and ramping up the deployment of its premiumization
strategy.

The Boat division is confirming its full-year revenue forecast of nearly €1bn for 2024, maintaining its
forecast for an ordinary operating margin of 4% to 6% and continuing to scale back its own inventory
with €20m to €50m expected over the year.

Lastly, the competition authorities’ approval on October 29, 2024 of the proposed sale of Bio Habitat’s
business to Trigano will pave the way for the operation to be carried out by the end of the year.

“The competition authorities’ approval of the proposed sale of its Leisure Homes business to Trigano
will enable the 900 staff from Bio Habitat to embark on new opportunities within another French
family-owned group. Groupe Beneteau will therefore focus its development on the various sailing
and motor boat segments, ramping up its innovation programs that aim in particular to reduce the
intensity of its CO2 emissions by 30% by 2030”, concludes Bruno Thivoyon, Groupe Beneteau Chief
Executive Officer.


*
* *


Groupe Beneteau will report (after market close):
• its 2024 fourth-quarter revenues on February 10, 2025, and
• its 2024 full-year earnings on March 20, 2025.
Press release – November 6, 2024




FINANCIAL GLOSSARY

At constant exchange rates: change calculated based on figures for the period from January 1, 2024 to
September 30, 2024 converted at the exchange rate for the same period in 2023 (January 1, 2023 –
September 30, 2023).




ABOUT GROUPE BENETEAU
A global market leader, Groupe Beneteau, thanks to its Boat Division’s nine brands, offers nearly 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 boat club, charter, marina, digital
and financing sectors.

Leading the European leisure homes market, the three brands from the Group’s Housing division offer
a comprehensive range of leisure homes, lodges and pods that combine eco-design with high
standards of quality, comfort and practicality.

With its international industrial capabilities and global sales network, the Group employs around 8,000
people, primarily in France, Poland, Italy, Portugal, Tunisia and the United States.




CONTACTS – GROUPE BENETEAU
MEDIA RELATIONS INVESTOR RELATIONS SHAREHOLDER CONTACT
Ms Barbara Bidan Mr Clarence Duflocq Ms Yannick Coicaud-Thomas
b.bidan@beneteau-group.com c.duflocq@beneteau-group.com y.coicaud-thomas@beneteau-group.com
Tel +33 (0)2 51 26 88 50 Tel +33 (0)2 51 26 88 50 Address: 16 bd de la Mer – CS 43319
85803 Saint Gilles-Croix-de-Vie Cedex - France


www.beneteau-group.com