Beneteau Reports Q3 Revenue Drop Amid Inventory Destocking

Beneteau, the renowned boat manufacturer, announced a significant revenue decline of 33% in its Boat division by the end of September, compared to a record-breaking 2023. The company has focused on reducing inventory, achieving a €110 million reduction over nine months, aligning with their year-end target. Sales to end clients decreased by 7%, with a notable Q3 impact from lower multihull sailing market demand.

The company expects its 2024 revenues to reach approximately €1 billion, maintaining an operating margin of 4% to 6% for the Boat division. Beneteau's Housing division sale to Trigano has been approved, slated for completion by year-end.

Despite challenges, the company reports improved order levels from recent autumn shows, surpassing 2023 results. While facing macroeconomic uncertainties, Beneteau predicts a comeback in late 2025, supported by its premiumization strategy and cost adaptations.