Beneteau H1 2024 Earnings Report: Resilience in Tough Markets

On September 25, 2024, Beneteau presented its financial results for the first half of 2024. Despite a challenging market environment, the group achieved resilient financial performance.

Beneteau reported revenues of €766 million, a 25.5% decline from the previous year. Income from ordinary operations stood at €80 million, representing 10.4% of revenues. Net income amounted to €48 million, while free cash flow showed a deficit of €48 million. The company's net cash position remains healthy at €137 million.

Key developments in H1 2024 include a €80 million reduction in dealer stock and a significant slowdown in retail demand, particularly for small power units and monohull sailing boats. However, the company saw success with the tripling of power catamaran sales and a 10% increase in power boats from European brands.

The Boat division faced a 32% decline in revenues, primarily due to changes in inventory levels and lower sales volumes. Despite this, Beneteau maintained an operating margin close to 9%, supported by its premiumization and adaptation measures.

Looking forward, Beneteau aims to focus on adapting to market evolution, accelerating time-to-market development, and driving sustainable innovation. The company reaffirmed its revenue target of around €1 billion for the Boat division in 2024.