Groupe Beneteau anticipates sales slowdown and continued destocking in H1 2025
Groupe Beneteau has released its full financial results for 2024, revealing a 29.4 per cent decrease in full-year revenue from 2023. The French boating giant says it is looking to the second half of 2025 to deliver a ‘gradual upturn’ and return the firm to growth.
Groupe Beneteau recorded revenues exceeding €1bn in 2024, with an ordinary operating margin expected to be significantly higher than previous forecasts of 4 to 6 per cent. Fourth-quarter revenue totalled €298m, surpassing expectations.
Full-year revenue totalled €1.03bn, a 29.4 per cent decrease from 2023, which had seen a record increase in distributor inventory of nearly €240m. Rising interest rates and inflation led to a €110m reduction in dealer stock over 2024, aligning with initial forecasts of €100m to €150m. Excluding the impact of destocking, sales to end customers fell by 7 per cent, with volume sales down 14 per cent.
The company says it anticipates a sales slowdown for multihull sailing and continued destocking within its dealer network in the first half of 2025, followed by a gradual upturn in the second half, supported by the introduction of 20 new models and stabilised stock levels.
“Groupe Beneteau’s teams once again showed their outstanding ability to adapt, with agility, faced with the significant changes on the boat markets in 2024. Sales came to over 1 billion euros for the year, enabling the group to exceed its forecasts again, while the group will also exceed the upper range of its full-year profitability forecast thanks to the efforts made by all our employees,” says Bruno Thivoyon, Groupe Beneteau chief executive officer.
“Although the market context will remain challenging for the first half of 2025, the introduction of 20 new models throughout the year will help drive an upturn, with favourable effects seen from the second half of the year.”
In the fourth quarter of 2024, Groupe Beneteau generated €298.3m in sales, exceeding previous forecasts. Following strong autumn shows in the United States, dealer stock levels remained stable. The motor segment saw a limited slowdown of 2 per cent, while the sailing segment declined by 29 per cent following a strong end to 2023. This decline was primarily due to lower demand for multihulls, which fell 16 per cent during the period.
The sailing segment, accounting for 49 per cent of boat sales, declined by 26.5 per cent following 31 per cent growth in 2023. Excluding inventory effects, the 18 per cent contraction reflected lower customer demand for monohulls, particularly among charter operators, and the normalisation of the multihull market in the second half of the year. In this consolidating market, the Excess brand maintained its performance in the performance sailing segment, while Lagoon continued its premiumisation strategy with the launch of the Lagoon 60.
Groupe Beneteau also made further progress in incorporating recyclable materials in sailing yacht production. The Jeanneau Sun Fast 30OD’s commercial success enabled the first industrial-scale production of fully recyclable sailing yachts using Elium resin for offshore racing. This technology was also introduced on the Beneteau Oceanis Yacht 60, marking its entry into the premium leisure market.
The motor segment, representing 51 per cent of boat sales, fell by 32.5 per cent, primarily due to dealer inventory adjustments. However, end-customer sales grew by 4 per cent. In the dayboating segment, the European brands’ premiumisation strategy helped offset reduced demand for smaller boats, with an increase in sales of models over 40 feet, including the Beneteau Antares 12. The Merry Fisher 895 from the Jeanneau brand also performed well.
The motor yachting segment, previously referred to as real estate on the water, saw end-customer sales grow by 16 per cent, supported by the Prestige F4.9 and the expansion of the M-Line power catamaran range, which tripled deliveries over the year.
At the boot Düsseldorf Boat Show, Groupe Beneteau introduced the Island Cruising Concept, a yacht developed using scientific analysis of real-world usage. This vessel, which reduces CO2 emissions by 50 per cent, will be available for sale from 2026.
Regionally, European sales declined by 22 per cent but benefited from product mix changes that helped mitigate the effects of lower dealer inventories and weaker end-customer demand in the dayboating and monohull sailing segments. In North and Central America, sales fell nearly 50 per cent in the first half but showed positive trends at the end-of-year shows. The second half of the year saw the first sales of the Twin Hull 36 catamaran and the launch of the Four Winns H9, while the Wellcraft 38 T-Top was named European Powerboat of the Year at the Düsseldorf Boat Show.
Sales to charter operators fell 29 per cent, returning to normal levels following a 68 per cent increase in 2023. While monohull sailing fleet deliveries slowed at the start of the year, a decline in multihull fleet demand is beginning to be offset by the renewal of Lagoon’s charter range.
Looking ahead to 2025, Groupe Beneteau expects business in the first half to continue to be affected by dealer destocking in both the United States and Europe, as well as a slowdown in multihull sailing. The company says it is implementing cost-control measures while maintaining its ability to respond to market changes.
A gradual recovery is expected in the second half of the year, supported by the introduction of 20 new models and stabilised dealer stock levels. The company plans premium launches including the Prestige M7 and Lagoon 82 catamarans at the Cannes Yachting Festival. It will also update entry-level models across segments to improve accessibility. The Beneteau First 30 received positive feedback at Boot Düsseldorf, while the Lagoon 38, already available for order, will be presented at the International Multihull Show in La Grande-Motte.
In the motor segment, Beneteau is updating its outboard range with the new Antares 9 and preparing to introduce an entry-level Swift Trawler model. Prestige has also unveiled its new entry-level yacht, the F4.3.
“Despite a marked slowdown on most of our markets in 2024, compounded by the significant but necessary reduction in inventory levels among our distributors, we were able to successfully maintain the group’s margins in 2024, while accelerating its product development and sustainable innovation roadmap,” concludes Thivoyon. “The 2025 Cannes Show will be an opportunity to present nearly 20 new models and will launch a new cycle of profitable growth for Groupe Beneteau.”
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