Groupe Beneteau has reported first-half 2025 revenues of €403.8m, a decline of 27.5 per cent compared with €556.6m in the first half of 2024.
The second quarter saw a sales contraction of 16 per cent at constant exchange rates, following a 43 per cent decline in the first quarter.
Inventory levels within the distribution networks stabilised during the second quarter after five consecutive quarters of contraction. In Q2 2024 alone, stocks decreased by €60m. The decline in H1 2025 revenue is linked to a slowdown in end-client demand, a deferral of approximately €20m in billings due to an ERP system change, and a reduction of around €40m in network stock levels, particularly in the motor segments.
Chief executive officer Bruno Thivoyon says: “As expected, the group’s business during the first half of this year was affected by a context of geopolitical uncertainty. The adaptation measures rolled out over the past 18 months have helped maintain a very solid net cash position, of over €250m at end of June, while securing our capacity to bounce back over the short and medium term.”
First-half sales for the motor business came to €219m, down 20 per cent. The decrease reflects weaker sales in the dayboating segments for European brands, and reduced activity among premium clients in the motor yachting segments in the second quarter. However, this was partly offset by a 47 per cent increase in sales for American brands and continued strong performance from Prestige’s M-Line power catamaran range.
Sales in the sailing business fell 36 per cent. This includes a 55 per cent reduction in fleet deliveries to charter professionals and a 46 per cent drop in monohull sailing segments. Multihull sailing models declined 23 per cent in the second quarter compared with a strong Q2 2024.
By region, first-half sales in Europe totalled €252.7m, down 26.9 per cent. In North and Central America, revenues fell 23 per cent to €89.3m. Sales in other regions declined 9.6 per cent to €38m. Deliveries to fleets contracted 55 per cent.
In the United States, the motor yachting and sailing multihull segments were affected by lower confidence linked to economic uncertainty. Dayboating exports to the US were impacted by tariffs and exchange rate movements, though the resumption of domestic production partially offset the decline.
In Europe, the boat market contracted across all segments. The geopolitical situation in Germany, France and the United Kingdom contributed to weaker demand. Within this environment, Prestige brand models performed well, particularly in Italy.
Thivoyon adds: “The commercial success of our new models helped drive an increase in orders during the first half of this year. These new dynamics are expected to be ramped up, with the launch of 20 new models, enabling growth in sales to gradually resume as of the second half of this year, while dealer stock levels have now normalised.”
Despite uncertainty surrounding tariffs on US imports, the group received more orders in the first half of 2025 than in the same period of the two previous years. The group plans to continue rolling out new models while refreshing higher-volume segments. New launches include the Gran Turismo range developed in partnership with Alpine and the renewal of the Trawler line under the Beneteau brand.
Upcoming sailing segment releases include the Oceanis 47 and 52 models from Beneteau, the Sun Odyssey 415 from Jeanneau and the Lagoon 82 – the group’s largest model. These models are scheduled for presentation at the Cannes Yachting Festival 2025. Jeanneau’s Cap Camarat and Merry Fisher lines are also being updated. American brands Four Winns and Wellcraft continue their movement toward the premium market.
The group intends to unveil 20 models at autumn shows for the 2025–2026 season. It anticipates that sales growth will resume in the second half of 2025. Groupe Beneteau is scheduled to publish its half-year earnings on 24 September 2025.
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