2023 FY Earnings
March 19, 2024
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could cause the actual results and performance of the Group to be materially different from
the future results and performance expressed or implied by such forward-looking statements.
Agenda
1 2023 performance overview

2 Full-year financial results

3 Outlook
2023 performance
overview


Bruno Thivoyon
Groupe Beneteau CEO


4
2023, a record year
Thanks to the commitment and dedication of our 8,000+ employees


REVENUES* GROUP INCOME FROM
ORDINARY OPERATIONS*

€1,785m €246m
+18.3% 13.8% of revenues
+19% at constant exchange rates +3.5pts




NET INCOME* FREE CASH FLOW*
(GROUP SHARE) NET CASH



€182m €82m
10.2% of revenues* €247m
* Before the application of IFRS 5 for the Housing business (“Operations held for sale”)


5
Strong value-driven growth across all segments

Volume
Value
Sail boats: 31% growth
 EXCESS sales more than doubled SAILING Monohull
MONOHULL
 68% growth with Charters

Multihull
SAILING
MULTIHULL
Power boats: 9% growth (like-for-like)
 17% Real Estate growth driven by the PRESTIGE REOW
M-Line launch REAL ESTATE
ON THE WATER
 3% Dayboating growth, despite lower volumes (-23%)
Dayboating
DAYBOATING


-40% -20% 0% 20% 40%

Outperforming the market

6
14 new launches, winning 24 awards




Effective and well-executed value-driven strategy

7
Solid model positioning the Group in a higher profitability range

Efficiency recovered in 2023 post the supply Income from ordinary operations (%)
chain crisis 16%
14%
Agility thanks to shopfloor reorganization in
Cholet, Belleville and Bordeaux 12%
10%
Flexibility thanks to the multi-year
8%
working time adjustment agreement
6%
Competitiveness thanks to Portugal's ramp-
4%
up and the Tunisian shipyard's integration
2%
Value-driven Product Roadmap for 0%
each segment




2009




2012




2018
2010

2011




2013

2014

2015

2016

2017




2020


2021




2023
2022
2019


(pf)
Proactive management of inflation


Outstanding performance in 2023


8
Strong achievements with the B-Sustainable program

Ethical Growth Engaged Crew Preserved Oceans
Incident rate (boat division)
35.0
+17pts 30.0

25.0 -6%
20.0

15.0
-9%

10.0
2016 2019 2020 2021 2022 2023 2024 2025

Incident rate Objective


• 41% of purchases from CSR- • 9% improvement in incident rate • -6% CO2 emissions intensity
evaluated suppliers (+17pts vs. ‘22) • 1st line using fully recyclable resin
• B-Equal program launched
• 5% cost of claims reduction • 75% of activity under ISO14001 (+11pts)
• #StOpE initiative signed
• 6 sustainability-related awards


Confirming the 2030 ambition

9
Digital: Seanapps successfully ramped up
Achievements
heatmap
 8 brands covered
 8,000 boats equipped
 1 million nautical miles cumulated experience
 Worldwide deployment


Benefits
• Connecting customers with their boat, their
distributor and their brand
• Ensuring traceability and improving boat
longevity through preventive maintenance
programs
• Driving new product developments through
quantitative customer insights Seanapps: the most widely-established connected fleet


10
Sharing Economy: a year of acceleration
Charters Boat Clubs




• Fleet of over 1,000 boats • Fleet of over 500 boats
• Sales growth > 15% • 19% sales growth for YBC
• Wiziboat takeover, ready for next season



Starting to deliver synergies

11
Boating Solutions: second House of Brands ramping up


Boat Boating Solutions
division division

Digital services
Financing
Boat rental
Boat clubs and marinas




Customer centricity significantly reinforced

12
Housing division carve-out

French market leader, outperforming the plan


• 12,000+ leisure homes sold in 2023

• €319m of revenues (+24% vs. 2022)

• >12% profitability


Transaction with Trigano would enable
• the Housing division to accelerate its European
expansion
• Groupe Beneteau to focus and further accelerate
its development in the boat industry

Completion of the transaction is subject to French competition authority approval
(decision expected in H1 2024)



13
2023 financial
performance


Nicolas Retailleau
Groupe Beneteau CFO


14
2023, a record financial year
Group key figures resulting from the application of IFRS 5 for the Housing business*
Before IFRS 5 After IFRS 5
FY 2023 FY 2022 FY 2023 FY 2022
(pro forma) (reported data) Change (reported data) (pro forma) Change

Revenues 1,785 1,508 18.3% 1,465 1,251 17.1%

EBITDA 306 229 33.6% 262 199 32.0%

% of revenues 17.2% 15.2% +2.0 pts 17.9% 15.9% +2.0 pts

Income from ordinary operations 246 155 59.2% 207 132 56.9%

% of revenues 13.8% 10.3% +3.5 pts 14.1% 10.5% +3.6 pts

Net income from operations held for sale 26 17 51.1%

Net income 182 103 81.4% 185 103 79.4%

% of revenues 10.2% 6.8% +3.4 pts 12.6% 8.2% +4.4 pts

Free cash flow 82 28 68 21

Net cash 247 211 234 211
* Following the announcement on May 5, 2023 of the Housing division’s sale to Trigano, the Group presents this activity under “Operations held for sale” in its full-year consolidated
accounts at December 31, 2023 in accordance with IFRS 5. This transaction is subject to approval by the French competition authorities.


15
17% revenue growth for the Boat division

+6% structural revenue growth
• Power boat volume - €150m
• Sail boat volume + €40m
• Value-driven growth + €190m


+11% exceptional growth post supply chain
disruption
• Dealer stock replenishment + €150m
• Foreign exchange rates - €11m



Declared dealer stock contribution

Positive outcome from the value-driven strategy


16
Continuous improvement of Boat division profitability

€m H2 2023 H2 2022 Change FY 2023 FY 2022 Change


Boat revenues 652.2 702.7 - 7.2% 1,465.1 1,250.9 + 17.1%

EBITDA 104.6 106.5 - 1.8% 262.4 198.8 + 32.0%
% of revenues 16.0% 15.2% +0.9 pts 17.9% 15.9% +2.0 pts

Income from ordinary
75.6 72.3 + 4.6% 206.8 131.8 + 56.9%
operations
% of revenues 11.6% 10.3% +1.3 pts 14.1% 10.5% +3.6 pts


€80m of deliveries deferred from the first half to the second half of 2022




+1.3pt improvement in ordinary operating margin in H2 (vs. 2022)

17
Boat division's record 14% operating margin
Structural improvements boosted by exceptional post-Covid effects



Income from ordinary operations
€m +1.3pts from structural improvements
• Value-driven growth +€22m
14.1%
• Efficiency recovery + €3m
Partially limited by dayboating activity in H2 2023




207
11.0%
+1.3pts
10.5%
132




+2.3pts for exceptional effects
• €/$ exchange rate variations in 2022 -€12m
• Dealer stock volume effect +€44m
• Outstanding inflation balance +€25m
• New ERP - €6m




18
Record net income of €185m

FY 2023 FY 2022 FY 2022 Net income up 79% (+€82m)
€m
Reported data Pro forma Reported data
• €7m of financial income (+€19m vs. 2022) benefited
Income from ordinary operations* 206.8 131.8 154.7 from the increase in interest rates in 2023, while 2022
was affected by foreign exchange hedging (-€10m),
Other operating income and
0.0 2.4 2.7 reflecting the change in €/$ rates
expenses
• Associates: +€2m improvement thanks to financing
Operating income 206.8 134.3 157.4
activities development
Financial income and expenses 6.9 -12.2 -12.3
Associates -0.5 -2.4 -2.4 IFRS 5 reclassification of the Housing business
Corporate income tax -54.2 -33.3 -39.6 • €26m of net income in 2023 (+€6m vs. 2022)
Income from discontinued • Under IFRS 5, amortization of Housing division assets is
26.0 16.8 0.0
operations suspended as of May 2023
Consolidated net income 184.9 103.2 103.2
Net Income (Group share) 185.0 103.1 103.1
Net earnings per share (in €/u) 2.23 1.25 1.25
Proposed dividend: €0.73
*In accordance with IFRS 5, the Housing business is now presented under “Assets held for sale”. Income from (vs. €0.42 paid in 2023)
ordinary operations reported in FY 2023 (and FY 2022 pro forma) relates to the Boat division.


19
Solid net cash position, with €247m at end-December 2023
€82m of free cash flow (vs. €28m in 2022)
• €205m of operating cash flow for the Boat Division
NET CASH POSITION – END-DECEMBER (vs. €150m in ‘22)
€m • €55m increase in working capital requirements, linked primarily
to the reduction in customer advance payments (-€48m),
300
resulting from a normalization of order book phasing
250
• €72m of net investments, +€14m vs 2022 mainly to support
200
industrial agility for production capacity (+€10m), as well as
150 building refits and energy saving programs (+€3m).
100 • €10m of free cash flow for the Housing business (vs. €7m in 2022)
50
0
€247m of net cash (+€36m vs December 2022)
-50
-100
• Following the payment of €45m of dividends & share buybacks

-150 • €13m of investments to acquire the Tunisian shipyard, Wiziboat
and Yacht Solutions, as well as to increase the interest in Your
-200
2015 2016 2017 2018 2019 2020 2021 2022 2023
Boat Club


€856m of shareholders’ equity

20
Continuous improvement of Return on Capital Employed (ROCE)

2023 2023 2022 2021 2019
€m (bef. IFRS5)
Dec 31 Dec 31 Dec 31 Dec 31 Aug 31
Strong progress over 4 years
Revenues 1,465 1,785 1,508 1,227 1,336

• 17% revenue increase vs. 2022
Income from ordinary operations 207 246 154 95 82
• Capital employed turnover stable at 3x
% of revenues 14.1% 13.8% 10.3% 7.8% 6.1%
• +3.5pt improvement in operational profitability
Capital employed 436 590 488 400 571
Net fixed assets 329 369 336 323 374

Goodwill 32 95 91 91 91
Working capital requirements 75 126 61 -13 106 Driving ROCE higher than 40%

ROCE 47% 42% 32% 24% 14%




21
Outlook




22
Groupe Beneteau resilient despite market headwinds
Market Conditions Groupe BENETEAU

• Dealer inventory reduction plan • €100m to €150m dealer stock reduction
expected in 2024
• End customers waiting for interest rate
reduction before acquiring boats 1. Pursue value-driven growth, launching
new models completing the offer on each
• Premium market still dynamic segment
• Sustainable innovation: UX improvement 2. Maintain efficiency and competitiveness
expected to justify the price gap through agile capacity and cost structure
• Sharing economy penetration continuing adaptation
to move forward 3. Accelerate the sustainable innovation
roadmap, to generate new growth drivers
4. Accelerate the development of new
boating solutions


4 drivers to further strengthen Group profitability

23
Pursue value-driven growth, completing the range


Dayboating Real Estate on the Water Sailing




• FOUR WINNS Twin Hull & • PRESTIGE F-Line (F5) &
deckboat range M-Line range (M7) • LAGOON 60
• WELLCRAFT Adventure & • BENETEAU Swift • EXCESS
Sport new segment Trawler 54 • BENETEAU First


10 new models positioned on new segments, out of 20 new launches in 2024-2025

24
Accelerate the sustainable innovation roadmap
Alternative Naval
architecture Eco-design
propulsion




• Investment in Candela to scale • Develop Displacement Boat • Pursuing the 100%
up electric foiling (-80% CO2 Range: New Swift Trawler 54 recyclable resin roadmap
emissions during usage) (-15% drag reduction) with Oceanis Yacht 60


CO2 emission intensity reduction trajectory: -30% by 2030

25
Accelerate the development of new boating solutions

Boat Clubs Charters Custom-made & refit




• Double-digit sales growth • Single-digit sales growth • Develop Yacht Solutions
• New locations & increase in • Pursue profitability • Launch Refit programs for
memberships turnaround 60’+ in Monfalcone


Generate recurring revenues and reinforce customer relationships

26
Further improve operational efficiency and agility


Already achieved Build on progress


 House of Brands implemented  Finalize Monfalcone shipyard transformation

 Rational product development  Ramp up recent acquisitions (Portugal, Tunisia)

 Flexible footprint in France  Reinforce US competitiveness

 Small parts integration (Poland / Tunisia)  Roll out the ERP

 Social innovation (multi-year)  Focus development for each segment




Continuous improvement roadmap clearly defined

27
Robust value creation strategy despite revenue headwinds

 Value-driven growth on each segment


 Leading sustainable innovation roadmap


 Synergistic expansion on new boating solutions


 Clear cost efficiency roadmap to pursue




Remaining in a 7% to 10% operating margin range in 2024,
and confirming a double-digit performance from 2025


28
APPENDICES



30
Boat division revenue by activities & geographies
Change
€m 2023 2022 Constant
Reported
exchange
data
rates

Boat revenues 1,465.0 1,250.9 + 17.1% + 18.0%

Sailing 674.6 515.2 +30.9% +31.3%

Motor 761.9 708.9 +7.5% +8.8%

Other 28.5 26.8 + 6.6% + 6.6%


Change
€m 2023 2022 Constant
Reported
exchange
data
rates

Boat revenues 1,465.0 1,250.9 + 17.1% + 18.0%
Europe 725.4 613.2 + 18.3% + 18.3%
Americas 443.2 424.4 + 4.4% + 6.9%
Other regions 166.4 135.9 + 22.4% + 22.6%
Fleets 130.0 77.4 + 68.0% + 68.0%


31
Housing division confirming its trajectory

€m FY 2023 FY 2022 Change Revenues up +24%
• Positive trends continued on the camping tourism markets
Housing revenues 319.6 257.2 + 24.2%
• Product mix improvement and inflation’s impact on sales prices
France 255.8 192.1 + 33.2% • Sales recovery in 2023 after Luçon fire impacting 2022
Export 63.7 65.1 - 2.1%
EBITDA 43.9 30.4 + 44.4% Income from ordinary operations up +72% (+3.4pts)
% of revenues 13.7% 11.8% +1.9 pts • Contribution from Growth
• Improvement in sourcing conditions
Income from ordinary operations 39.3 22.8 + 72.3%
• Operational performance improvement
% of revenues 12.3% 8.9% +3.4 pts




*In accordance with IFRS 5, the Housing business is now presented under “Assets held for
sale”. Income from ordinary operations is now consolidated only at Group Net Income level



32