A difficult first quarter for Groupe Beneteau

The climate is not good for business, including in the world of boating. In the first quarter of 2025, for example, French boat manufacturer Beneteau posted sales of €130 million (US$ 145 million), down 43%. “The macro-economic environment, in particular the uncertainty surrounding customs duties in the United States and their impact on the global economy, is increasing the wait-and-see attitude of our customers and distributors over the first half of the year, which is expected to be loss-making,” the company said in a press release, adding that “this first quarter [is] not very significant given the seasonal nature of our business”.

Uncertainty over US customs duties has led dealers to continue reducing stocks in their distribution networks. It could also delay the recovery in exports to the United States and accentuate the slowdown in demand observed in Europe. Groupe Beneteau has therefore decided to support its American distribution network by bearing part of the import taxes.

A clear drop in demand

The sailing market is experiencing a clear slowdown in demand, particularly in the multihull segment. Against this backdrop, sales in the Sailing business contracted by 51% over the quarter. The level of sailboat sales over the period was also affected to the tune of around €20 million (US$ 22 million) by the planned production stoppage and gradual restart of the Group’s Bordeaux site, required for the launch of a new integrated management software package (ERP).

In the powerboat market, sales to end customers fell by nearly 19% over the quarter. In the Motor Yachting segments, sales by the distribution network were broadly stable compared with the first quarter of 2024, with the wait-and-see attitude observed in the United States offset by still buoyant demand in the rest of the world. Sales for the Engine business, which was the most affected by changes in dealer inventories, fell by 36% over the quarter.

Against this backdrop, Groupe Beneteau has chosen to focus on three priorities: supporting and developing its distribution network, continuing to adapt its cost structure to market trends, and accelerating product development.

The second half of the year will see the launch of 20 new models ranging from 8 to 24 metres. “This offering will support both the Group’s move upmarket and the renewal of its entry-level range, enabling a rebound in business to begin, while dealer stocks are normalised,” comments Bruno Thivoyon, Managing Director of the company, which has just begun marketing its first catamaran model equipped with electric propulsion.

Heading photo: Groupe Beneteau