Hunyvers Stock: Boating Soars by 21%, Recreational Vehicles Struggle
Hunyvers recorded a turnover of 47.6 million euros during its first half of the fiscal year 2025-2026, a decline of 2.2% compared to the same period last year. Excluding the impact of acquisitions, the organic contraction was 4.6%, reflecting ongoing difficulties in the recreational vehicle sector, partially offset by a significant acceleration in the boating division.
Challenges in the Recreational Vehicle Sector
The Recreational Vehicles (RV) division remains the core of the group but is going through a tough period. Over six months, it registered a decline of 7.4% to 40.7 million euros, largely driven by the used vehicle segment which fell by 11.2%. Sales of new vehicles saw a less pronounced decrease of 5.9%, but the second quarter marked a turning point with a recovery of 5.7%. This improvement continued into March with sustained growth, according to Hunyvers. The associated RV services grew by 1.2% over six months, with an acceleration to 7.9% during the second quarter alone. In contrast, the Boating division shows a reverse dynamic: its revenues reached 6.9 million euros, up by 21.6% in organic growth over the period. Although the first half is historically less contributive for this activity (only a quarter of the annual activity), this performance suggests a favorable start to the high season.
Satisfactory Order Book in Both Business Areas
Hunyvers benefits from a satisfactory order book in both its business areas. In boating, order intakes reflect the positive reception of new ranges from manufacturers. For RVs, the structural growth of the market is supported by a context of economic and geopolitical uncertainties favoring local tourism. However, a friction factor remains: delivery times for recreational vehicles are still above normal, due in particular to extended preparation times on vehicles waiting. This operational constraint could affect the conversion of orders into revenue in the second half of the year.
Positive Outlook for the Second Half of 2025-2026
Hunyvers confirms its prospects for an acceleration of activity in the second half of the fiscal year 2025-2026, driven by deliveries of new collections of new recreational vehicles and by the favorable season expected in boating. The group anticipates a return to positive dynamics in terms of activity and operational profitability for the current fiscal year. This confirmation reflects the management's confidence in its ability to transform the improvement observed at the end of the first half into a sustainable acceleration.
