Groupe Beneteau presented its first-half 2026 earnings on September 23, 2026, showing a turnaround in profitability despite ongoing market uncertainties. The company's stock price stood at $5.16, down 1.9% from the previous close of $5.26, with a 52-week range of $4.84 to $9.
Revenues climbed 11% to €449.2 million, compared to €403.8 million in the prior-year period. Income from ordinary operations improved by €20 million year-over-year, swinging to nearly breakeven at €(0.2) million from a loss of €(20.6) million. Excluding discontinued RBH activities, it reached €9 million in H1 2026 compared to a loss of €12 million in H1 2025.
EBITDA surged to €29.4 million (6.6% of revenues) from €8.5 million (2.1% of revenues) in H1 2025, a 4.5 percentage point margin improvement. Net income remained negative at €(21.4) million, improved from a loss of €(24.8) million a year earlier. Non-recurring items totaled €30 million; excluding them, net income would have been positive €9 million.
The U.S. operations, particularly the Cadillac facility, which closed on July 31, 2026, generated combined operating losses of €30 million during 2024–2025, including €9 million in H1 2026 alone. Discontinued U.S. activities accounted for €39 million of charges, including €9 million in ordinary operating losses, €10 million in provisions for costs and compensation, and €20 million in asset impairments. The Cadillac site represented less than 5% of group sales.
Revenue drivers included organic growth of 9%, favorable base effect of 2%, and retail sales growth of nearly 14%. Segment performance saw sailing monohulls grow 19%, sailing multihulls increase 8%, motor yachting grow 3%, and dayboating surge 19%. Export growth for European brands in the U.S. market reached 29%.
Product strategy saw 23 new models launched in 2025 contributing 30% of first-half sales. 24 additional models are planned for the 2026–27 season, with 18 presented at Cannes. Total new models launched across 2025–2027 represent a 50% increase compared to 2022–2024. Refit and service activities represent 4% of sales.
Net cash stood at €202 million as of June 30, 2026, down from €248 million at year-end 2025. Free cash flow was negative €24 million (operating cash flow of €17 million, net investments of €31 million). The company distributed €16 million in dividends and executed €6 million in share buybacks.
Full-year 2026 guidance expects consolidated revenues of €860–900 million (4–9% growth excluding discontinued U.S. activities). Management noted that uncertainty is still delaying decisions but not erasing demands. Brent crude prices exceeded $100 per barrel. Elektra Marine Alliance targets 10–15% sailing market penetration by 2030, with 50–100% lower in-use emissions and a roadmap to reduce CO2 intensity by 30% by 2030.
Third-quarter revenues are scheduled for release on November 4, 2026.
