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The strategy to refresh the product lines is beginning to show in the Beneteau Group?s financial results. Revenue rose 11.2% in the first half of the year, and recurring operating income is now nearly back in the black. The 23 models launched in 2025 now account for nearly 30% of sales.
Operating income has nearly returned to break-even
The Beneteau Group reported a marked improvement in its performance in the first half of 2026. Its revenue reached 449.2 M%C2euros, up 11.2% from the 403.8 M%C2euros recorded a year earlier. At constant exchange rates, the increase was 13%.
The improvement is most evident in the recurring operating income (ROI), which fell from -20.6 M%C2euros in the first half of 2025 to -0.2 M%C2euros this year. In other words, the group has virtually wiped out an operating loss of more than 20 M%C2euros in twelve months.
The comparison is even more favorable when excluding the U.S. operations from which Beneteau is currently withdrawing. On this basis, operating profit reached +9 M%C2euros, compared with -12 M%C2euros a year earlier.
EBITDA followed the same trend, rising from 8.5 to 29.4 M%C2euros, representing a margin of 6.6% of revenue, compared with 2.1% in the first half of 2025.
Volume, productivity, and new vessels are driving the recovery
This improvement is not due to a single factor. Higher volumes are estimated to have contributed an additional 16 M%C2euros to operating income, while various operational gains are estimated to have contributed 8 M%C2euros.
The manufacturer cites, in particular, the stabilization of its ERP system, productivity gains achieved at its French and Polish plants, and reductions in certain overhead costs.
However, a portion of these savings is being reinvested. Beneteau allocated an additional 4 million euros to R&D and business development during the half-year.
The accelerated renewal of product lines is the other component of this strategy. The 23 models launched in 2025 accounted for nearly 30% of sales in the first half of 2026. Retail sales?which correspond to sales made by distribution networks after adjusting for changes in dealer inventory?rose by 14%.
This data is particularly useful for assessing the market situation: it makes it possible to distinguish between the manufacturer's deliveries to its distribution network and the actual sales made downstream.
Orders have been slowing down since the spring
However, the picture does not suggest that the market has truly begun to rebound.
Beneteau reports a sharp slowdown in new orders since March, amid a deteriorating global economic environment. The group also notes that its dealers are managing their inventories cautiously.
This discrepancy between sales, which are still on the rise, and orders, which are more hesitant, is likely to be the main challenge in the second half of the year. Current performance is driven in particular by orders and new products that were previously committed to, while the trend in the order backlog will have a greater impact on future business levels.
Beneteau is therefore continuing to focus on its products to sustain demand. In Cannes, the group unveiled 18 new models out of the 24 announced for the 2026?2027 season.
The manufacturer claims to have recorded higher sales during the show than in the previous edition, both in terms of volume and value. However, this figure is based solely on the group's own data and is not, on its own, sufficient to conclude that there has been a general improvement in the boating market; nevertheless, it is an encouraging sign.
Lagoon 47, F4.9, and new dayboats to boost sales
Not all segments are following the same trajectory, however. In the sailing segment, where Beneteau reports generally weak demand, the group highlights the sales performance of the Lagoon 47 in the catamaran market. In the Motor Yachting segment, the manufacturer notes a slowdown in the premium market, while pointing out that the Prestige F4.9 and the Beneteau Swift Trawler 43 are driving its business.
Dayboating appears to be experiencing a more favorable trend, thanks in particular to the launches of the Jeanneau Leader 6.0 and EX34 and the Beneteau Flyer 30.
This surge in new products reflects the group's strategy: to rapidly refresh its product lines, simultaneously improve the affordability of certain entry-level models, and continue to move upmarket in other segments.
It?s also an industrial challenge. Launching 24 new products in a single season requires mobilizing design, manufacturing, production facilities, and sales networks?even though visibility into demand remains limited.
The U.S. withdrawal continues to take a heavy toll
The half-year financial statements also reflect the impact of the divestiture of certain U.S. operations. These operations generated an operating loss of 9 M%C2euros in the first half of the year, against revenue of just 13 M%C2euros. A year earlier, they had accounted for 21 M%C2euros in revenue and 8 M%C2euros in operating losses.
The Group's net income thus remains negative at -21.4 M%C2euros, compared with -24.8 M%C2euros in the first half of 2025.
However, this loss must be viewed in context. The financial statements include 30 M%C2euros in net non-recurring items. The U.S. divestiture accounts for 20 M%C2euros in asset impairments related to brands, molds, and tooling, in addition to provisions and indemnities.
According to Beneteau, net income would have been positive at 9 M%C2euros, excluding non-recurring items.
Net cash remains substantial, at 201.7 M%C2euros as of June 30, despite a negative free cash flow of 24.3 M%C2euros and 22 M%C2euros returned to shareholders in the form of dividends and share repurchases.
Revenue of between 860 and 900 million euros is expected in 2026
For the full fiscal year, Beneteau now expects sales growth of between 4% and 9%, excluding discontinued U.S. operations.
Consolidated revenue is expected to range from 860 to 900 M%C2euros, compared with approximately 848 M%C2euros in 2025, of which 39 M%C2euros came from discontinued operations.
The group also expects positive recurring operating income for the fiscal year, excluding discontinued U.S. operations. It notes that its order backlog scheduled for delivery in 2026 now exceeds the level of sales achieved in 2025.
The first half of the year thus marks a genuine recovery in operating metrics, but the market has not yet returned to normal. Beneteau?s ability to sustain this improvement will depend as much on the operational efficiencies already underway as on the strength of orders in the coming months.
Third-quarter revenue, expected on November 4, 2026, will provide an initial indication of this resilience.
