Group Beneteau returned its recurring operating result to break-even in the first half of 2026, improving by more than €20m year-on-year, while maintaining a net cash position of €201.7m at 30 June.
The French boatbuilding group reported first-half revenue of €449.2m, up 11.2%, or 13% at constant exchange rates. Excluding base effects and currency impacts, growth was 9%. The group said it outperformed the boating market across all segments, supported by the 23 new models launched in 2025, which represented nearly 30% of sales for the period.
Recurring operating income improved to -€0.2m, compared with -€20.6m in the first half of 2025. Excluding US operations, from which the group is divesting, recurring operating income returned to positive territory at €9m, compared with a €12m loss a year earlier on a like-for-like basis.
The improvement was driven by volume growth, which contributed €16m to earnings, and operational measures worth a further €8m. The group cited stabilisation of its ERP system, productivity gains in France and Poland and continued structural cost reductions, partly reinvested in targeted R&D and business development.
Revenue growth
Net income remained negative at -€21.4m, compared with -€24.8m in the first half of 2025, after €30m in non-recurring charges.
These were mainly linked to the cessation of US industrial activities, including €20m in asset impairments against brands, moulds and tooling, €10m in provisions and compensation costs, and €9m in operating losses. Excluding non-recurring items, Beneteau said first-half net result would have been positive at €9m.
“The first half confirms the Group’s recovery, with revenue growing by 11%, outperforming the market in each segment, and a marked recovery in current operating income which returns to positive territory, excluding American activities from which the Group is withdrawing,” said Bruno Thivoyon, chairman of the board of Group Beneteau.
He added: “The ongoing conflict in the Middle East has weighed on order intake since March and continues to call for caution. Nevertheless, the very positive reception given to the 18 new models presented in Cannes, the first step in a plan for 24 launches this season, reinforces our aggressive product strategy.”
2026 sales growth
Group Beneteau now expects 2026 sales growth of 4% to 9%, excluding discontinued US operations, with consolidated revenue forecast between €860m and €900m.
The outlook is based on an order book for delivery during the financial year that now exceeds 2025 sales levels and continued progress with product renewal.
The group also expects current operating income to return to positive territory for the full year, excluding discontinued American activities.
At the Cannes Yachting Festival, 18 of the 24 new models planned for 2026 were presented. Beneteau said sales recorded by the group and its distribution network exceeded the previous year’s level in both volume and value, despite weak demand in sailing and slower premium motor yacht markets.
Growth was supported by models including the Lagoon 47, Prestige F4.9, Beneteau Swift Trawler 43, Jeanneau Cap Camarat 6.0 and EX34, Beneteau Flyer 30 and the repositioned Wellcraft brand.
