Groupe Beneteau maintains growth forecast despite third-quarter revenue decline

Groupe Beneteau has reported revenue of €595.8 million for the first nine months of 2026, up 3.7 per cent on a reported basis and 4.7 per cent at constant currency. It is keeping its full-year growth forecast despite a drop in third-quarter sales.

Third-quarter revenue fell 14.1 per cent to €146.6m, or 14.9 per cent at constant currency. The group linked the decline to lower orders and customers holding back on decisions amid the Middle East conflict. It says its withdrawal from discontinued American activities has also weighed on sales. In June 2026, Groupe Beneteau confirmed it is to halt production at its Michigan facility and divest the Four Winns, Glastron and Scarab Jet brands, citing market conditions linked to the Middle East conflict.

“In a still very challenging economic environment, the group continues to outperform its main markets, thanks to its strategy to go on the offensive with the accelerated launch of new models,” says Bruno Thivoyon, Groupe Beneteau CEO. “The very good response to the 18 new models [for the 2026–2027 season] presented at the Cannes show is reflected in the upturn in order intake levels from September, after several months affected by the wait-and-see approach observed in the context of the Middle East conflict. Despite the contraction in third-quarter sales, this turnaround supports our objective to achieve growth over the full year and confirms the relevance of the strategy rolled out.”

Sailing revenue rose 7.3 per cent to €243.2m over the nine months, although third-quarter revenue declined 1.9 per cent to €54.3m. Sales of monohull sailing boats, supported by models launched in 2025, offset weaker demand for multihulls.

Motorboat revenue fell 0.9 per cent to €323.6m, with a third-quarter decline of 22.6 per cent. Excluding the discontinued American activities, nine-month motorboat sales increased 2.9 per cent. Dayboating sales grew, while dealers took a more cautious approach to motor yacht orders. Retail sales in the motor yachting segments remained stable.

European revenue increased 9 per cent to €362.2m. North and Central American revenue rose 10.5 per cent to €173.7m, helped by nearly €20m of deliveries carried over from late 2025. A €11m reduction in revenue from the discontinued American activities partly offset this contribution.

Orders recover after Cannes

Orders picked up from September following the Cannes Yachting Festival. New models included the Lagoon 47 and Oceanis 42 sailing yachts, the Swift Trawler 43 and Jeanneau’s EX 34, which introduced a new dayboating range. The group’s order book for current-year deliveries, including sales already recorded, exceeded its 2025 revenue.

Beneteau expects full-year sales growth of 4 to 9 per cent excluding the discontinued American activities. Consolidated revenue is forecast to reach €860m to €900m, compared with €848m in 2025.

The group also maintained its target for a return to positive income from ordinary operations, excluding those activities. Their full-year operating losses are expected to be limited to €9m, the amount recorded in the first half.

Credit facility and decarbonisation plans

Beneteau has renewed and increased its syndicated credit facility to €250m. Arranged by LCL with seven banking institutions, it runs for five years, with two one-year extension options. The credit margin depends on performance against workplace accident and greenhouse gas emissions indicators.

The group has also joined the ACT Step-by-Step initiative, developed by Ademe and CDP, to help develop its long-term decarbonisation strategy. Shareholders supporting the approach include Fideas Capital, which recently invested through its Act for Climate SICAV fund, alongside Generali Asset Management and CDC Croissance.

Beneteau will publish fourth-quarter revenue on 8 February 2027 and full-year earnings on 24 March 2027, both after market close.