Beneteau shares FY 2024 finance report
Groupe Beneteau has released its fiscal year 2024 financial results, reporting revenues down 29% compared to 2023.
“Groupe Beneteau’s teams once again showed their outstanding ability to adapt, faced with the significant changes on the boat markets in 2024,” said Bruno Thivoyon, chief executive officer of Groupe Beneteau. “The efforts made by all our employees enabled the Group to achieve over one billion euros of sales for the year, as well as the upper range of its full-year profitability forecast. The sale of the Housing business will enable the Group to accelerate its development on the boat markets while ensuring a fair return for shareholders.”
As reported on February 10, the Boat division recorded revenues of €1.03 billion in 2024, down 29.4% compared to 2023.
As expected, the increase in interest rates, combined with the impacts of inflation, resulted in dealers reducing their stock levels by nearly €110 million over 2024, contributing around 23% of the decrease in business between the two years.
The slowdown in retail demand volumes was particularly significant in the sailing business, down €140 million. The motor segment was down €60 million.
Net income reached €92.9 million, bolstered by the sale of its Housing division.
Sustainable and accessible boating
In 2023, Beneteau announced its initiative to reduce CO2 emission intensity by 30% by 2030. Despite the sharp contraction in business, Groupe Beneteau continued moving forward with its roadmap for more sustainable boating. Illustrating this, 56% of the Group’s purchases in 2024 were placed with suppliers whose CSR approach has been formally assessed (up 15 points versus 2023).
2025 outlook
At the start of this year, promotional intensity levels have increased across the various boat segments. In Europe, the market is becoming more difficult, and the end of the subsidy programs in Greece is continuing to penalize demand for sailing catamarans, particularly among charter professionals, while the challenges relating to customs duties and tariffs are introducing further uncertainty in the United States.
In this context, the Group expects retail demand to contract by 5% to 10% over the year, while the continued destocking within the distribution networks is estimated at €50 million to €100 million, concentrated primarily over the first half of the year. In 2025, the Group’s revenues could reach €0.9 billion to €1.0 billion.
2025/2026 season
Realigned around boat activities, the Group is now accelerating its product development with a view to relaunching its organic growth from the 2025/2026 season while continuing to closely monitor opportunities for accretive external growth.
Overall, some 66 new models will be launched between 2025 and 2027 (versus 44 for 2022-2024). Adapting the levels of industrialization to the size of series produced will make it possible to keep the investment budget at €75 million to €85 million per year over this period. While dealer stock levels will be normalized, this acceleration will enable the Group to support organic growth, and target revenues of €1.5 billion in 2028, as well as an operating margin of 10% by this horizon. This ambition is based on a scenario for the boat market to be stable over the period from 2025 to 2028.
Source: https://boatingindustry.com/news/2025/03/25/beneteau-shares-fy-2024-finance-report/
