Beneteau: Sales Down 14.1% in the Third Quarter, Annual Target Confirmed
On November 4, 2026, the Beneteau Group published revenue up 3.7% over the first nine months of 2026, at €595.8 million (+4.7% at constant exchange rates).
The third quarter alone shows a different trend: sales fell 14.1% to €146.6 million, after an 11.3% increase in the first half.
The quarterly figure came in below the €187 million forecast by the analyst covering the company. The manufacturer nonetheless confirmed its annual range of €860 million to €900 million, relying on a rebound in order intake from September, after the Cannes boat show.
The Motor Segment Accounts for Most of the Quarterly Decline
The third-quarter decline is mainly attributable to the Motor business, whose revenue fell 22.6% to €83.6 million, compared with €108.0 million a year earlier. The Sailing business held up better, with a decline limited to 1.9%, to €54.3 million.
The group attributes this decline to lower order intake and to the wait-and-see attitude observed since the start of the conflict in the Middle East. The exit from the discontinued American activities also weighs on sales growth, by about 2%: their revenue came to €5 million in the quarter, compared with €9 million a year earlier.
The comparison is no longer distorted by the adjustment of dealer inventories, which was completed in the second quarter of 2025. The quarterly decline therefore reflects the current activity of the period, and not a base effect linked to network inventories.
Over Nine Months, Sailing and Europe Drive Growth
Over nine months, the Sailing business grew 7.3%, to €243.2 million. Sales of monohull sailboats, supported by the new models launched in 2025, offset the slowdown in demand for multihulls observed over several quarters.
The Motor business, the largest division with €323.6 million, declined 0.9% as reported but rose 0.6% at constant exchange rates. Excluding the discontinued American activities, its sales increased 2.9%.
Dayboating continues to grow, while Motor Yachting is suffering from caution among dealers, with distribution network sales remaining stable in these segments.
By region, Europe gained 9.0% over nine months, to €362.2 million, and North and Central America gained 10.5%, to €173.7 million. This latter figure includes nearly €20 million of deliveries shifted from the fourth quarter of 2025, partly offset by an €11 million effect linked to the discontinued American activities.
Other regions fell 37.3%, to €35.4 million. In the third quarter alone, all regions declined, from 8.5% in Europe to 20.3% in the Americas.
Annual Target Confirmed Based on Backlog and Orders
Beneteau anticipates growth of 4% to 9% for the fiscal year excluding the discontinued American activities, representing consolidated revenue of €860 million to €900 million, compared with €848 million in 2025.
The midpoint of this range is €880 million, and it also encompasses the €889 million expected by the consensus of the analysts covering the company.
The group is relying on the 18 new products presented in Cannes, including the Lagoon 47, the Oceanis 42, the Swift Trawler 43 and Jeanneau's EX 34. According to Bruno Thivoyon, chairman of the Management Board, “this shift reinforces our growth target for the full year.”
The order backlog deliverable within the fiscal year is higher than the 2025 sales level and includes deliveries of large units scheduled for the fourth quarter. The group has also confirmed its target of a positive recurring operating income excluding the discontinued American activities, whose annual operating losses will be limited to €9 million.
It has also renewed its syndicated credit line, increased to €250 million for five years, with seven banks. Achieving the annual target now depends on a fourth quarter supported by this order backlog, following a summer period that was down. Revenue for this quarter will be published on February 8, 2027.
