Model Update; Reflecting reduced US production

Research evidence excerpt

Model Update; Reflecting reduced US production

Global Research

1 July 2026ab

Beneteau SA Equities

FranceModel Update; Reflecting reduced US

production Recreational Products & Services

12-month rating Neutral

12m price target €7.10Reduction in US production

Prior : €7.35

On 15 June, Beneteau announced a targeted restructuring of its US operations,

reflecting both cyclical and structural pressures in the market. The group will halt Price (30 Jun 2026) €6.46

production at its Cadillac (Michigan) facility in Q3, and hopes to sell the site alongside RIC: CHBE.PA BBG: BEN FP

the Four Winns, Glastron and Scarab Jet brands, citing a sharp slowdown in order intake

since the onset of the Middle East conflict (as highlighted at the 1Q16 stage) and Trading data and key metrics

ongoing weakness in the bowrider and jet boat segments. Despite continued 52-wk range €8.98-6.46

investment, the US business has remained below its recovery trajectory, with these Market cap. €0.52b/US$0.59b

activities generating cumulative operating losses of €30m over the past two years. The Shares o/s 80.5m (ORD)

impacted perimeter represents <5% of group revenues, and management emphasised Free float 44%

that the move is a refocusing exercise aimed at reallocating resources toward its seven Avg. daily volume ('000) 72.2

core brands, rather than a change in its long-term ambitions in the US market. Avg. daily value (m) €0.5

Common s/h equity (12/26E) €0.63b

Changes to Estimates P/BV (12/26E) 0.8x

Beneteau reiterated guidance for "significant" sales growth in 2026, subject to "an Net debt to EBITDA (12/26E) NM

improvement in the situation in the Middle East before the end of 1H26". Given the

ongoing uncertainty we see some risk to FY expectations, and note the comments made EPS (UBS, diluted) (EUR)