Beneteau’s revenue declined 43% in the first quarter of 2025 to €130.4 million.
The decline was due to the expected slowdown in demand across all nautical markets as well as the anticipated impacts of continued network destocking (-€40 million over the quarter) and the change in enterprise resource planning (ERP).
Beneteau expects the low point in the market to be in the first half of the year, both in terms of turnover and profitability.
The boatbuilder then expects a gradual recovery from the second half of the year, driven by the launch of 20 new products.
“The macroeconomic environment, particularly the uncertainty surrounding customs duties in the United States and their impact on the global economy, is increasing the wait-and-see attitude of our customers and distributors for this first half of the year, which is expected to be in deficit,” said Bruno Thivoyon, CEO of Groupe Beneteau.
The second half of the year will be marked by the launch and ramp-up of 20 new models.
Bruno Thivoyon
“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 to market developments.
“The second half of the year will be marked by the launch and ramp-up of 20 new models from 8 to 24 meters. This offering will support both the Group’s move upmarket and the renewal of its entry-level offering, thus enabling a rebound in activity, while dealer inventories will be normalised.”
During the period, the sailing market experienced a significant slowdown in demand, particularly in the multihull segment.
Demand from professional charter companies fell by 59%, notably due to the end of certain subsidy schemes, such as in Greece. In this context, revenue from the Sailing business contracted by 51% over the quarter, compared to a particularly high baseline.
Powerboat market
In the powerboat market, sales to end customers fell by nearly 19% over the quarter, primarily due to the slowdown in demand in the Dayboating segments in Europe.
In the Motor Yachting segments, sales from the distribution network remained broadly stable compared to the first quarter of 2024, with the wait-and-see attitude observed in the United States offset by continued strong demand in the rest of the world.
In this context, revenue from the Engine business, the one most affected by inventory changes at its dealerships, fell by 36% over the quarter.
American brands recorded an initial decline in their billing levels, higher than the previous year for the second consecutive quarter.
Uncertainty over customs duties could delay the resumption of exports to the United States and accentuate the slowdown in demand observed in Europe.
Beneteau is to bear part of the import taxes, measures which could affect the Group’s operating profit by nearly €10 million in 2025.
The Group is continuing to accelerate the launch of its new models with the aim of driving a gradual recovery in each segment during the second half of the year.
