260318 BENETEAU Presentation FY 2025

2025 results

MARCH 18, 2026

Disclaimer

This presentation and all the supporting documents, including the related oral presentations and discussions (collectively the “Presentation”), have been prepared by BENETEAU SA (the “Company”, and together with its subsidiaries and affiliates, the “Group”). By listening to the Presentation, by consulting it or consulting slides from the Presentation, you agree to the following. This Presentation does not constitute, and should not be construed as, an offer to sell or the solicitation of an offer to purchase or acquire any securities of the Group in any jurisdiction. This Presentation may contain certain forward-looking statements. Such statements refer in particular to the Group’s present and future strategy, the development of its operations, and future events and objectives. Such statements may include the terms “anticipate”, “believe”, “intend”, “estimate”, “expect”, “project”, “plan” and other similar expressions. By their nature, forward-looking statements involve risks and uncertainties, which could cause the actual results and performance of the Group to be materially different from the future results and performance expressed or implied by such forward-looking statements.

AGENDA

• #1 2025 performance
• #2 Full-year financial results
• #3 Outlook

2025 performance

Bruno Thivoyon
Groupe Beneteau CEO
Lagoon 82

2025: low point in H1, starting to bounce back in H2

2025 marked by

• A slower market, particularly affected by tariffs in the United States
• Industrial capacity maintained
• ERP migration
• Withdrawal from unprofitable Boat Club & Charter activities
• Investments directed toward more profitable refit & after-sales service activities

Back-to-growth strategy moving forward

• Reduction of dealer stock
  through to the end of the first half of the year
• Acceleration of launches of new models, from the second half of the year
• Order intake growth of +24%, higher than full-year sales

NET INCOME
(GROUP SHARE)
€(43.0)m
(5.1)% of revenues

INCOME FROM
ORD. OPERATIONS
€(21.6)m
(2.5)% of revenues
- 9.9 pts

FREE CASH FLOW
NET CASH
+ €12m
€248m

REVENUES
€849m
- 18%

* After adjustment for the cash management incident on December 23, 2025

Accelerating product launches to regain momentum

Difficult environment, affecting the various markets in 2025

• Uncertainty weighing on demand in the United States following the increase in tariffs (+15%)
• Unfavorable change in €/$ exchange rates
• Unstable political and macroeconomic context, particularly in Europe
• Financing difficulties for charter companies (especially in Greece following the end of subsidy programs)
• Challenging monohull sailing market

Strategy supporting a turnaround from H2’25

• Completion of a dealer inventory reduction plan at the end of H1
• Acceleration of the launch of 23 new models
• Return to sales growth for the Motor segments, despite customs clearance timeframes in the US
• Outperforming the market for Multihull Sailing and Dayboating
• Recovery underway for the American brands

Half-year change in sales at constant currency

• MOTOR YACHTING
• DAYBOATING
• MONOHULL SAILING
• MULTIHULL SAILING

-46%
-31%*
-19%
-20%
-35%
-5%
-4%
7%
-50% -40% -30% -20% -10% 0% 10%
H1 H2

* Including the €20m impact of the ERP migration in Q1’25 on catamaran sales

New models widely recognized by the industry

23 new models in 2025 (vs. 9 in 2024)

• 10 models to continue driving premiumization
• 13 models to refresh the entry-level lineup
• 21 nominations, 11 awards
• Very positive response from dealers and the market

FourWinns
H33

Other Winners not listed:
Oceanis 52, SO 415, Lagoon 38,
ST54, SO 350

BENETEAU
First 30

BENETEAU
Trawler 37

PRESTIGE
M7

EXCESS
Excess 13

WELLCRAFT
38 T-Top

JEANNEAU
Sun Odyssey
415

Order intake growth of
+24% in 2025

Preserving skills and moving forward with the CSR roadmap for a more sustainable recovery

10% of jobs preserved and CO2 emissions reduced by -26% in revenue intensity

Ethical growth

• 56% of purchases placed with CSR-assessed suppliers (vs. 3-year target of 50%)
• 85% of timber with certified origins, including 68% from environmentally-managed forests (+15pts vs. 2024)
• 100% of top management covered by corruption risk awareness initiatives and 90% of populations targeted

0.3%
0.4%
0.5%
0.6%
0.7%
2019 2021 2023 2025
12m claims rate

Engaged crew

• Significant reduction in occupational illness in France and workplace accidents in Portugal and Tunisia
• 15h of training per employee, including 30% through mentoring
• ~700 positions preserved, through furlough measures in France and Italy
• Strengthening of the B-Equal program

-
5.0
10.0
15.0
20.0
25.0
2019 2021 2023 2025
Frequency rate

Preserved oceans

• -26% reduction in Scope 3 emissions in revenue intensity (680t/M€ in 2025 vs. 920t/M€ in 2022)
• 1,000+ employees covered by initiatives to build awareness with the Climate Fresk
• 158t of resins and 14t of fibers bio-attributed or recycled (incl. 1t of waste recovered for materials)
• Material circularity innovations recognized with awards for 4th consecutive year

-
20
40
60
80
100
120
140
-
200
400
600
800
1,000
1,200
1,400
2019 2022 2023 2025
Base 100 in 2022
In ktCO2eq
All scope emissions
(ktCO2eq)
Revenue-based intensity
-48% -29% -26%

10% of jobs preserved and CO2 emissions reduced by -26% in revenue intensity

Boating Solutions business realignment

Refocusing on client support for more synergies throughout the lifecycle of boats

Supporting the Boat Club & Charter activities, without operating them directly

• Development of new asset-light Boat Club offerings to support our dealer networks (Wiziboat)
• Development of digital fleet management tools for Charter companies (Seanapps)
• Withdrawal from the Charter and Boat Club operator activities (Dream Yacht Charter/Navigare and Your Boat Club)

Developing service hubs to better support clients

• Acquisition of BMS and SAS in 2025 (for €6m)
• Better support for clients during delivery
• Development of a Refit offering (Lagoon NEO range)

BMS Service
Center
Sailing Atlantique

2025 full-year financial results

Nicolas Retailleau
Groupe Beneteau CFO
GT50

Turnaround in H2’25 and net cash preserved

(1) After adjustment for the cash management incident on December 23, 2025

-5
-1
Revenue change at constant
currency
Income from ordinary
operations (€m)
H1
H2
-27% -5% -20.6 -1.0

Revenues down 18% marked by a turnaround in H2 following a sharp contraction in H1

Volume effect: -€186m

• Marked contraction in volumes in H1 (-24%), in line with lower demand, amplified by the exceptional ERP impact (-€20m)
• Clear year-on-year improvement in H2 (-3%) versus H1, excluding impact of customs clearance timeframes in the US (-€20m)

Mix effect: +€31m

• Continued premiumization

Pricing & rebates effect: -€22m

• Redistribution of the positive inflation balance from 2024 (-€25m) as expected

€m
-131 -15
-40
31
-22 -9
1,034
849
-
200
400
600
800
1,000
1,200

Dealer inventory normalization helping drive the sell-in/sell-out realignement
and a volume effect turnaround in H2

Volume effect: -€186m

Developments for each region

Nearly 20% of Group revenues generated in the US from Europe
Gradual upturn in volumes produced in the US

North America:
-13.7% at constant currency

• Uncertainty weighing on demand (double-digit decline in registrations)
• Increase in tariffs (+15%) and unfavorable €/$ exchange rate impact
• €20m of revenues deferred due to customs procedures

-7.4%
in H2

Europe:
-15.6% at constant currency

• Uncertain political context in Germany and France
• Good sales trends for Motor Yachting in Italy

+2.0%
in H2

Fleets:
-37.8% at constant currency

• End of subsidy programs in Greece
• Difficulties with financing and turning around profitability
• Decreased demand for fleet renewal

-14.5%
in H2

95% Europe
5% US

Europe
56%
RoW
10%
North
America
27%
Fleet
7%

Breakdown of 2025 revenues
by destination (outer chart)
and by origin (inner chart)

Nearly 20% of Group revenues generated in the US from Europe
Gradual upturn in volumes produced in the US

Operating margin impacted by the contraction in activity but offering capacity to bounce back

Operating margin affected by the market context

• Normalization of the inflation balance as expected (€25m)
• Impact of the contraction in business for 18%

€10m reduction in expenditure in 2025

• Lower indirect costs
• Reduced losses for the American brands

Non-recurring items

• US tariff barrier (€5m) and currency impact (€7m) not passed through to prices in 2025
• €11m of additional ERP costs vs. 2024, linked to the migration - now stabilized - of the Bordeaux yard in 2025

Further opportunities in the short / medium term

• Reduction in flexibility costs in France / Italy (€9m in 2025)
• Elimination of losses for the American brands (€13m in 2025)

Driving progress from 2026

76
-25
-59
10 -12
-11
-22
-40
-20
-
20
40
60
80
100
Income from ordinary operations
€m Income from ordinary operations
7.3%
-2.5%

Net income affected by the unprofitable minority activities

Boat Club and Charter activities, held through minority interests

• Boat Club & Charter companies unprofitable, still affected by weak markets
• €29m impairment of partner current accounts & guarantees in 2025, affecting financial income and expenses (vs. €25m of losses from associates in 2024)

Other financial items and associates

• €4m of financial income, net of investment interest (vs. €3m in 2024)
• €1m of income from currency hedging (+€4m vs. 2024, which was penalized by non-unwinding of $ hedging)
• €5m from financing companies accounted for under the equity method (vs. €6m in 2024)

Tax expense

• €3m tax expense relating to 2024, linked to the exceptional contribution by French groups

Positive free cash flow, effective management of working capital requirements

Change in net cash

€m

357
-115
242
37
-54
28
248
1
-6
-
50
100
150
200
250
300
350
400

Positive free cash flow of €12m, despite negative income from ordinary operations

• Net investments limited to €54m (vs. €69m in 2024), despite the accelerated launch of new models
• €28m reduction in inventory (€284m on balance sheet at end-2025)

Cash management incident almost fully recovered

• Payment orders mistakenly reissued by an external provider on December 23, 2025
• Recall procedures launched immediately with the banking partners
• Impact at end-December 2025: €85m reintegrated into net cash
• Amount still to be recovered <€0.5m to date

Solid net cash of €248m

• After €115m of dividends paid out, including an exceptional dividend linked to the Housing division’s sale

Free cash flow: +€12M

Positive cash generation over the year, thanks to effective control over investments and inventory normalization

Outlook

Wellcraft 28

Market context still just as uncertain in 2026

Complex macroeconomic and geopolitical environment

• Further period of uncertainty regarding tariffs and demand in the US
• Continued Russia-Ukraine conflict
• New conflict in the Middle East
• Interest rates remaining high

Signs of support on the boat market

• Demand still showing positive trends for premium segments
• Desire to spend time on the water still just as strong
• Stock levels now normalized within the Group’s distribution networks
• Positive sales trends at the shows

Group’s priorities

• #1 Developing the client experience
• #2 Strengthening competitiveness
• #3 Innovating sustainably
• #4 Maintaining a sound financial structure

Self-financed
organic
growth

66 models
in 2025-2027
(+50% vs. 2022-24)

Efficiency gains
of €5-10m from 2026, in
addition to the volume effect

Roadmap
for -30% reduction
in CO2 intensity by 2030

Outlook for 2026:
significant growth in a contracted market

#1 Developing the client experience

2026 trends
‘26 order book
vs. previous year

MOTOR YACHTING
DAYBOATING
SAILING
MULTIHULL
MONOHULL

+5%
+14%

3 drivers to outperform the market and grow in each segment:

• Accelerating the launch of new models
• Strengthening an international distribution network
• Developing the client relationship throughout the lifecycle

2026 order book up +10% at end-February, in a contracted market

Rate of launches still just as sustained in 2026, within a controlled investment framework

through an ambitious product offering to boost demand

19 (+First60) in file -
Erik – to check

The 22 Sailing models
included 3 power
units (Sun Loft &
Lagoon 83)

66
new models
in 2025-2027
(+50% vs. 2022-2024)

23 models
launched in 2025

24 models
in 2026

MOTOR YACHTING
18
7
6

DAYBOATING
26
8
13

SAILING
22
8
5

#2 Strengthening competitiveness

Leverage effect
on industrial sites (from 2026)

United States
Cadillac, MI

Portugal
Campos, Gandra

France
9 production sites

Poland
Ostroda, Olecko

Tunisia
Bizerte

Italy
Montfalcone

Leverage effect
on industrial sites (from 2026)

• Talents and skills preserved in France, automation program
• Benefits from the M7/M8 launches and preparation of upcoming launches
• Turnaround driven by the launch of 2 new Four Winns & Wellcraft ranges
• Strong growth
  in Poland, Portugal and Tunisia in 2026

+5% vs. 10% FTEs preserved… → lay-off
5%

Additional measures
(short / medium term)

• Design-to-Cost and alternative sourcing
• Reduced Time-to-Market (product development investments)

€5-10m of competitiveness gains from 2026,
in addition to the volume effect

#3 Innovating sustainably, supporting the client experience

Moving forward with the plan to reduce our CO2 emission intensity by 30% by 2030 (Scope 3, vs 2022)

MATERIALS

• Recyclable Elium© and low carbon resins
• Recycled fiber

NAVAL
ARCHITECTURE

• JEANNEAU’s Sea Loft range
• Foiling technology

REFIT

• Standardization of the offering in Italy (Lagoon 620 Neo)
• Rollout in Tunisia for small units (Lagoon 450 and 42 Neo)

ONBOARD ENERGY
MANAGEMENT

• 48V series hybrid propulsion deployed
• High Voltage roadmap
• Development of connectivity solutions

Beneteau
Sea Loft 480
Lagoon
Eigthy Two

#4 Sound financial structure

Shareholder return policy

• Confidence in the Group's outlook
• Taking into account a solid net cash position
• Proposed dividend of €0.2 per share, to be approved at the General Meeting
• Continued share buybacks (€2.8m in 2025)

Investment capacity preserved

• Self-financing organic growth (accelerated launches, technological, digital and environmental transformation)
• Maintaining an opportunistic approach to external growth

0.04 0.06
0.10
0.25 0.26
0.23
0
0.30
0.42
0.73
0.22 0.20
1.21
0
0.1
0.2
0.3
0.4
0.5
0.6
0.7
0.8
0.9
1
2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 2025 2026
Current Non-recurring
Dividend in €/share

Solid financial position making it possible to invest, despite the market uncertainty

Solid financial position, making it possible to
invest, despite the tensions on the market

Outlook for 2026

Wellcraft
28 Explorer
Jeanneau
Sun Odyssey 455
Beneteau
Swift Trawler 37

Significant
Sales growth

• Launching 24 new models in 2026:

• Continued premiumization
• Renewing the entry-level offering

• Dealer inventory normalized
• Improved visibility: 2026 order book up +10% at end-February

Gradual turnaround in the operating margin

• Contribution from growth
• Reduction of losses for the American brands
• Operational excellence benefiting from measures to preserve talents
• ERP stabilized at the Bordeaux and Monfalcone sites

Before assessment of potential direct and indirect effects of the Middle East conflict
on the Group’s activity

NEXT DATE

2026 first-quarter revenues
on May 4, 2026

Q&A