Bénéteau (BEN) Q1 2026 earnings summary

Executive summary

• Q1 2026 revenues reached €169.5m, up 30% year-over-year, with growth across all business segments and a boost from deferred US deliveries at end-2025.

• Retail sales grew over 10% in Q1, driven by the success of 2025 model launches and strong Motor segment performance.

• Order book remains solid despite a slowdown in order intake due to Middle East conflict; full-year outlook maintained, contingent on geopolitical improvement.

Financial highlights

• Q1 2026 revenues: €169.5m vs. €130.3m in Q1 2025 (+30.1% reported, +34.5% at constant currency).

• Motor segment revenues up 38% reported, 45.2% at constant currency; Sailing up 18% reported, 18.6% at constant currency.

• Deferred deliveries from Q4 2025 contributed nearly €20m to Q1 2026 revenues.

• North & Central America revenues up 115% at constant currency, over 30% excluding deferred deliveries.

Outlook and guidance

• Full-year sales growth outlook maintained, subject to improvement in Middle East situation by end of H1 2026.

• Plans to launch 24 new models in 2026 to support demand.

• Measures being implemented to support operating margins amid geopolitical uncertainty.