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The second quarter of 2025 marks a slowdown phase for Groupe Beneteau. Sales in the Boats division, doubly impacted by inventory reduction and the uncertain climate linked to trade tariffs, contracted significantly. To compensate, the manufacturer is focusing on a product-oriented strategy and targeted distribution, with the aim of returning to growth in the second half of the year.
Sales down sharply in all segments
Revenues in the Boat division were down by around 27âeuros¯%, reflecting a recalibration of distribution networks and lower demand overall. Massive destocking at concessions and platforms weighed on sales, with the 40âeuros¯M⬠decline in the first quarter continuing into the second half of 2025. The sailing monohull market is contracting, particularly for multihulls, while the powerboat segment is also experiencing a sharp downturn. However, our premiumization strategy is limiting the impact on value, even if volumes are declining.
The Group has aligned its inventories to a normalized level, in line with forecasts (100 to 150âeuros¯M⬠reduction expected over the year). This inventory purge, although penalizing in the short term, is aimed at restoring a balance between production, distribution and real outlets. Bruno Thivoyon, the Groupâ??s Managing Director, points out that this strategy was expected and necessary to restore normal sales seasonality.
Launch of twenty new models
Faced with lukewarm demand in the first half of the year, Beneteau is counting on the gradual launch of twenty new models in the second half, during boat shows such as Cannes. This new range should support the repositioning in the entry-level segment and strengthen the premium segment, with products such as the new Prestige, Lagoon, Jeanneau or Beneteau units.
Financial strength to weather the downturn
Despite the contraction in sales, the Group maintains a solid cash position of 240âeuros¯M⬠at the end of March, and a sound financial structure. Refocusing on premium markets and industrial adaptation (site modernization, ERP) should help restore margins, expected to be in the 3 to 6âeuros¯% range.
Medium-term outlook: gradual return to growth
The macro-economic context remains uncertain, notably due to US tariffs and pressure on interest rates. Nevertheless, Beneteau anticipates a gradual recovery from the second half of 2025, betting on a normalization of inventories, product launches and a renewal of the range favoring premiumization, a factor of value creation in the medium term.
