Press release - May 13, 2025




Slowdown in sales during the first quarter
Wait-and-see approach compounded by the macroeconomic
uncertainty

 Revenues of €130m for Q1’25, down 43%, marked by the expected slowdown in demand
across all boat markets, as well as the expected impacts of the network’s continued
destocking (-€40m over the quarter) and the change of ERP
 Solid net cash position maintained (€240m at end-March) thanks to the measures to
adapt production schedules
 Low point expected for the first half of the year, in terms of both revenues and
profitability, before a gradual upturn from the second half of the year, supported by the
launch of 20 new models




“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.
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 second half of the year will be marked by the launch and ramp-up of 20 new models, ranging
from 8 to 24 meters. This line-up will support the Group’s premiumization and the renewal of its entry-
level offering, enabling it to embark on an upturn in activity, while dealer stock levels will be
normalized”, confirms Bruno Thivoyon, Groupe Beneteau Chief Executive Officer.


2025 2024 Change
Reported Constant
€m First First
data exchange
quarter quarter rates
Revenues 130.4 228.8 - 43.0% - 43.6%
Sailing 54.2 111.3 - 51.3% - 51.4%
Motor 70.5 109.6 - 35.7% - 36.6%
Other 5.7 7.8 - 27.2% - 31.1%



For this first quarter, which is not particularly significant due to the seasonality of our business, the
Group’s revenues are down 43% to €130.4m. The expected slowdown in demand across all boat
market segments was compounded by the uncertainty concerning American tariffs. This has led the
dealers to continue scaling back stock levels within their distribution networks (-€40m for the
quarter, in line with the full-year forecast for €50-100m). The level of sales of sailing models over the
period was also affected, for around €20m, by the scheduled shutdown of production and gradual
startup at the Bordeaux site, as required for the launch of a new ERP.

The sailing market is seeing a marked slowdown in demand, especially on the multihull segment.
Demand from professional charter firms is down 59%, linked in particular to the end of certain subsidy
Press release - May 13, 2025


programs as in Greece. In this context, revenues for the Sailing business contracted by 51% during the
quarter, compared with a particularly high reference baseline.

On the motor boat market, sales to end clients dropped by nearly 19% during the quarter, linked
primarily to the slowdown in demand on the Dayboating segments in Europe. For the Motor Yachting
segments, distribution network sales remained stable overall compared with the first quarter of 2024,
with the wait-and-see approach observed in the United States offset by a still sustained level of
demand in the rest of the world. Against this backdrop, revenues for the Motor business, the most
affected by the changes in inventory for its dealers, recorded a 36% decrease during the quarter.
However, the 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.

Alongside this, the measures to adapt its cost structure and production capacity during the quarter
enabled the Group to maintain a solid net cash position of over €240m at end-March 2025.

Change
2025 2024 Constant
€m
1st quarter 1st quarter Reported data exchange
rates
Revenues 130.3 228.8 - 43.0% - 43.5%
Europe 72.8 126.1 - 42.3% - 42.4%
North & Central America 33.1 56.7 - 41.6% - 43.3%
Other regions 12.6 17.5 - 27.7% - 27.9%
Fleets 11.8 28.5 - 58.5% - 58.5%




Outlook


While demand has weakened across all boat markets, the uncertainty surrounding tariffs could delay
the recovery in exports to the United States and further intensify the slowdown in demand seen in
Europe. Although it is still too early to assess the impacts of this geopolitical context on revenue levels
(expected at this stage to range from €900m to €1bn for the year), the Group has decided to support
its American distribution network by covering part of the tariffs on imports. These measures, which
aim to reduce the short-term impact of the uncertainty relating to trade barriers on demand from its
clients, could affect the Group’s income from ordinary operations by nearly €10m in 2025.

While the first half of the year will continue to see a marked slowdown in business, particularly on the
Multihull Sailing segments, the Group is continuing to accelerate the launch of its new models to
drive a gradual upturn across each segment during the second half of the year, while dealer stock
levels will be normalized.

This acceleration aims primarily to further strengthen the Group’s premium positioning on each of its
markets. The BENETEAU brand’s recent announcement concerning the renewal of its Gran Turismo
range on the Motor Yachting segments follows on from the previous communications concerning
the Group’s premiumization with the Lagoon 82, Beneteau First 60, Prestige M7 and Four Winns TH32
and H33 models, which will be presented at the Cannes and Paris shows in 2025.

This acceleration also aims to renew the entry-level offering to help boost demand in terms of
volumes. For instance, the Lagoon 38 received a very positive response at the latest international
multihull show in La Grande Motte. This is also the case for the EXCESS 13, which was unveiled and
immediately recognized with an award at this same show, as the brand launched sales of its first
catamaran model fitted with electric propulsion.


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Press release - May 13, 2025




The Combined General Shareholders’ Meeting will be held on June 19, 2025.
In accordance with Articles L. 22-10-38-1 and R. 22-10-29-1 of the French commercial code, the General
Meeting will be broadcast live and in full with an audiovisual streaming. Shareholders who would like
to access the live stream will be able to obtain the connection link on the Company’s website, in the
2025 Combined General Meeting section. A recording of the General Meeting will be made available
within seven working days of the Meeting date and will remain accessible on the Company’s website
for two years.



Groupe Beneteau will report (after market close):
 2025 first-half revenues on July 24, 2025, and
 2025 half-year earnings on September 24.



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FINANCIAL GLOSSARY

At constant exchange rates: change calculated based on figures for the period from January 1, 2024
to March 31, 2025 converted at the exchange rate for the same period in 2024 (January 1, 2024 – March
31, 2024).


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 €1bn in 2024 and employs over 6,500 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
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