Beneteau 2Q26/1H26 revenue - Softer order intake undermines the 2026 revenue consensus

Research evidence excerpt

Beneteau 2Q26/1H26 revenue - Softer order intake undermines the 2026 revenue consensus

NSTEIN FLASHMAIL

27 July 2026

Marie Line Fort

+33 1 42 13 85 21

Global Hotels & Leisure marie-line.fort@bernsteinsg.com

Beneteau

Rating

Market-Perform

Price Target

BEN.FP 8.30 EUR

Beneteau 2Q26/1H26 revenue - Softer order intake undermines

the 2026 revenue consensusMIDCAPS

Beneteau reported 2Q26/1H26 revenue today, after the market close, followed by a conference call at 6:00 PM.

4% miss on 2Q26 revenue. Beneteau published 2Q26 revenues of €282.7m, 4% below the consensus estimate. Second-quarter

revenue increased by 3.4% and by 4.0% at constant currencies compared to 30.1% and 34.4% at c.c reported in 1Q26 (see Exhibit 1).

The sharp slowdown in revenue stems from destocking in the distribution network (a 40 m€ impact in 2Q26) driven by the geopolitical

backdrop, while sell-out remains well oriented for the group’s brands, with a 15% increase across all segments, reflecting market share

gains according to Beneteau.

Net slowdown in the order book in the second quarter. As of end-June, the 2026 order book scheduled for delivery is up slightly,

versus +10% at end-February. The group is suffering from persistently cautious customer behavior, particularly in the large-units

segment. The group’s brands continue to benefit from numerous leads, but this has yet to translate into firm orders.

Main takes from the conference call. 1) Visibility for the second half will depend on the outcomes of the autumn boat shows, in

particular on how the new products are received and on consumers’ willingness to follow through with their planned purchases. 2) The

disposal of the US brands is under way and the group has received marks of interest. As regards the expected impacts on the half-year