Good evening, ladies and gentlemen. Thank you for joining us today. One year ago in this room, when we shared with you the 2024 performance, a bit better than expected, by the way, at the time. We shared with you how the year 2025 would be, in fact, split between two very different semesters. A difficult H1, a start of rebound from H2. We are one year later. H1 was difficult, as we already shared in July and in September together. Impacted by tariff, which was a risk in the U.S. at the beginning, a reality after. Impacted by euro-dollar evolution as well in parallel, 25% inflation generating during this period. Impacted by a complex ERP launch in one of our biggest sites, Bordeaux. Launch which was more difficult than expected, as we commented in H1.
Impacted by the end of a de-stocking program in our dealer network, initiated in 2024, in order to prepare a second semester benefiting from the rebound strategy that we presented in March last year. 66 new models within three years, 50% more than the three previous years as an accelerator to rebound, either through the premiumization of the offer, either through renewing the access to boating on the different segments we do address. We are one year later, we can say more impacted than expected on the ERP, more expected than the tariff. We finished the year, one, with a better treasury. The reduction of the stock in our dealer network allowed us to reduce the stock in our factories as well. With a better order intake, with a better order book than one year ago when we were presenting our perspective.
Out of the 66 models prepared, 23 have been launched this year, 2025. It contributed to increase our order intake by 24%. This is what we went through in detail. Meaning we start the year with a better order intake, 10% more than one year ago. H1, H2. We spent the year explaining to you transparently the situation of H1 and the preparation of H2. The rebound has been smooth on monohull, which is a market which is still impacted by inflation, which is still impacted by the inflation for charter companies in particular. The rebound has been more significant on the multihull segment between the H1, -50%, and the H2, -5%. Similar trend on the motor yachting. Starting to grow back on the day boating segment, -20% in H1, +5% in H2.
We clearly see the impact of having prepared the launch by a de-stocking program and launching the new model segment by segment, premiumization, and access to boating. 23 models, as I shared, 10 relative to premiumization, 13 relative to access to water. 21 nominations, 11 awards. It means that these models are satisfying the dealer network, which very quickly ordered stock again. Satisfying the press. All the awards that we can see on this picture. On every segment, on every direction, premiumization, and access to water. Mainly final customer, 24% increase in order intake during the year. CSR, we have three pillars regarding CSR approach. First one is people. First one is Engaged Crew.
The first priority for the group was to keep talent, to retain talent, to prepare the rebound, and to organize this period so that we organize the transmission, organize the training between the senior, the expertised talent, and the more junior. This is the choice we made at the beginning of the year to provoke the talent, accelerating the launch, and preparing and keeping the capacity to rebound. 10% of the job has been preserved, or the talent has been preserved during the year. This is the equivalent of 700 people that impact our results during the year, but that will generate the growth engine in the future. People safety. We reduced by close to 50% the number of accidents in our factory within six years. This year, again, was a year of significant improvement, 2025 versus 2024, as you will see in the final report. Ethical Growth.
We talk about different topics. The one we highlight on this presentation is quality. The way we push the product development, keeping quality and high quality in our product development and customer satisfaction. 29% reduction within six years on all quality costs or non-quality costs. This is a significant long-term improvement, which was also improving during the year 2025 versus 2024. The third pillar is Preserved Ocean. It's more about decarbonization. It's more about CO2 emission intensity reduction. We fixed our goal in 2022, 30% CO2 emission reduction by 2030 in terms of intensity, Scope 3. We are on track with this trajectory, 26% reduction in terms of intensity and a bit more in terms of value. This is the result of our four pillar on decarbonization roadmap that I will comment a bit later on in terms of perspective.
10% of our job preserved, 26% CO2 emission intensity reduction in three years. Nicolas will comment it in a few minutes. We took some strategic decisions during the year. One is relative to services. How do we serve the customer, professional, and individuals? We took one decision, which was not to become operator into charter companies and boat club. This was a pending decision from a few years. We much better understand this market after having made part of our activity inside without consolidating it. We took the decision, one, to operate ourselves charter companies, to operate ourselves boat club, but to much better serve them as a supplier, of course, as a boat builder, of course, but as a service provider as well. That's true for refit to extend the lifetime. That's true for refit to reduce the total cost of ownership for a charter company.
That's true for financing as well, to find the replacement financing, to find the way to reduce the total cost of ownership for a charter company. That's true for maintenance as well. That's true for all what will be tomorrow our services support to professional and as well to individuals. It's a significant write-off in the position of the group, but it's a position that allowed us to keep a cash position positive during the year. In the opposite, we increased our access to water, either in Atlantic Coast, either in Med, meaning where the boats we deliver are located, to propose solutions of maintenance, mainly for big boats in France and also for smaller boats for less than 40 ft, let's say 50 ft, through our Tunisian footprint front of the water that we already have. Can you tell us more about the results, Nicolas?
Good evening, ladies and gentlemen. Thank you, Bruno, for the business highlights. Going to the numbers, as Bruno mentioned in his introduction, we see the inflection over the year between H1 and H2. H1 with a drop in sales of 27%, and as a result, EUR 21 million, a bit negative that we commented back in September. H2 is a 5% sales decrease, constant exchange rate, and close to back to breakeven. In terms of cash, that was one of the key commitments of the year. We knew, as Bruno said, back one year ago, that the outlook was not looking pretty. We committed to deliver positive free cash flow in order to strengthen the position of the group and to prepare the rebound. That's what we managed to do, thanks mostly to inventory reduction.
When we look at the sales bridge between 2024 to 2025, we mentioned the inflation between H1 and H2. That's what you see on the left side of the graph. Few items to be outlined in this bridge. First, the ERP rollout consequences that we commented in H1. This is the same number. We suffered EUR 20 million sales impact in H1. This impact are behind us, and this is why we don't see a further impact in H2. Second is what we commented back in February on the full-year sales results. We suffered some customs clearance issue in the U.S., which forced us to postpone EUR 20 million revenues from December to H1 to 2026. The third one is inflation. Exactly in that same room one year ago, we said that the remaining positive impact of the inflation balance was to be reverted to customers, and that's what happened in 2025.
Sorry. Value-driven growth is a key matter what we have seen over the past five years. It keep delivers results year-over-year, enabling us to offset part of the inflation balance. Last, the comment of dealers inventory that Bruno made earlier. After 18 months at end of H1, 18 months straight reduction in dealers inventory, we considered that dealers inventory were back to a normalized value. What happened in H2 is confirming the trend because in Q4, dealers resumed orders stock boats in order to prepare the next season with the new models which have been launched over the second semester. This is the normal pattern of the nautical season. We can say, and that's the conclusion on that slide, is that the sell-in and sell-out has been realigned over the year of 2025.
When we look at this slide to show the geography of the group in terms of revenue destination and origin. First, what we can say is U.S. is obviously a major market for us, more than 25% of our revenues. Out of this 25%, 20% are coming from imported boats from Europe and 5% from our local production. We see also that despite the uncertainty that we were going through in the first semester, not knowing what is going to be the result of the tariff and decision. At the end, the performance of the North American region is rather consistent. The trend is rather consistent, not to say better than Europe, if we consider the customs clearance issue. Last, fleet is a major also impact for us.
Fleet charters business is still going through major challenges, one being financing, the other one being the reduction of the subsidies program country by country, and last being the inflation. When we look at the bridge operating margin from one year to another, we talked about volumes, we talked about inflation. A few more items to be commented that Bruno mentioned in his introduction. ERP, we talked about that in the first semester. It's the same amount, EUR 11 million, EUR 8 million coming from the loss of margin, and EUR 3 million coming from the consequences of the cost of the project. Second, tariff and currency. It's a wave of inflation, as Bruno mentioned, weighing EUR 12 million on the result.
As a reminder, we commented during the year 2025 that we supported part of the cost of the tariff in 2025 in order to secure our order book, in order to ensure the confidence of our dealer network, and to obviously not to lose any business in the U.S., which we managed to achieve, as we said in the previous slide. The U.S. brands performance in the U.S., which we outlined back one year ago, is still a difficult point for us. Material improvement has been achieved this year with a reduction of the loss of $5 million year-over-year. Last is furlough. The preservation of our talents, as Bruno said, has been one of our key priority for the past two years.
We invested on that to prepare the rebound and the cost of the furlough, mostly in France, a bit also in Italy and the U.S., is weighing EUR 9 million over the year. Last comment on that slide is the cost saving. We committed one year ago, again, to deliver year-over-year, EUR 30 million cost saving in two years. That's what we achieved when we sum what we achieved in 2024 and 2025. When we look at the net income in detail, Bruno was mentioning write-off and the consequences of the strategy of the boating solution. Back in 2024, we depreciated the securities of our activity, boat club and charter, namely Dream Yacht, Navigare, and Your Boat Club. The market condition, unfortunately, have not changed or even worsened, which led us to depreciate the financing and the warranties provided to this company in the year 2025.
It's impacting EUR 29 million, the financial income this year, and is reducing to neutral position the exposure of the Groupe Beneteau to these companies. Again, this is consistent with the strategy. It's a huge consequence, obviously, on the net result this year. On the income tax, we commented the same thing at the end of H1, I would say, unfortunately. EUR 3 million, which is made mostly from the exceptional contribution on the French tax law from December 2024. Last comment I wanted to share on this slide, as a reminder, 2024, obviously, the discontinued operation was related to the Housing division selling. Going to the treasury, one word on the cash management incident that we commented in our call in February. As commented, we were impacted in the last days of December in a major cash management incident.
Fortunately, at today, the impact for the group is almost nil. More than 99% of the amount has been recovered. It's less than EUR 500,000. But at December-end, it impacts our treasury by EUR 85 million, and this amount has been presented in our balance sheet as a current asset. It doesn't impact the net treasury. When we look at the cash generation, positive, as we were saying in the introduction, EUR 12 million, mostly coming from two major items. One being the working capital discipline and the reduction of inventory, which as Bruno said, was enabled by the management what we made of our dealers last year. When I say last year, I mean 2024. Second is a strict control on investment, despite the acceleration of the product launches, which shows the discipline of the execution of the product plan over the year 2025.
As a conclusion, while despite the adverse market condition, we managed to strengthen the liquidity of the group, investing also in the preservation of the talents, preparing for the rebound and the perspective that Bruno will now detail to you.
Thank you, Nicolas. Let's look ahead. It's still difficult to make forecasts in this world. It was difficult last year because the Russia-Ukraine conflict was still there. It is still there. We were living a period of uncertainty regarding tariff. We live a new period of uncertainty regarding tariff in the U.S. The good thing is that it might be positive, but it's uncertain for a while. The interest rate, which were going in a good trajectory for us, it's difficult to evaluate what will be the next steps. What is new is the conflict in Middle East. We adapted our financial communication today to this conflict, being as factual as we can regarding what's the trajectory we are in before this conflict, and let's discuss together transparently what are the consequences of this conflict on our business price-wise, supply chain-wise, market-wise.
There are some good things else. First, premium boats still works. Not every segment, not every brand, not every country, not the same at same moment, but the premium offer, the premium customers are still there. Second, the desire to spend time on the water is more than ever there. Didn't change at all. This is a solid fundamental for our business, and there are more people that never go on the water than people that spend their life on the water. Market-wise, it is still a market to develop. For ourself, we said it. It was a complex transition for us to rationalize and normalize the stock level in our dealer network. Remind the story, EUR 240 million stock increase at our dealer in 2023 when the market shifted from fast-booming post-COVID to declining post-inflation.
We said it would take us one year, one year and a half to go back to normal. It took us one year and a half to go back to normal, and we are back to normal since June. We said last year it might even be positive in H2 after a negative in H1. It has been positive in H2 after a negative in H1. But let's say it's normalized, which is a good thing because it's normal at the moment we accelerate our product development roadmap, as it's useless to propose new product to a dealer network which is full of stock. Last but not least, we sell a lot of boat during boat shows, which means when we connect the customer to the brand, to the product in a positive environment, it works. It works in Paris. It works in Düsseldorf.
It works with German this year for the first time for two, three years. It's been more complex in Miami during the show, but it has been good after the show. The dream still works when you provoke it, when you propose it. Our job is not to adapt to the market. Our job is to push the market to grow and then grow with it. How do we do that? We have, I would say, three operational priorities, and one which is a mean. Customer first and product development acceleration, strengthen competitiveness, and continue to innovate in a decarbonated way and maintain a financial structure which is solid enough. What can we say today regarding perspective? We say that sail market is currently on a declining mode, monohull and multihull. What is new is multihull for the last, I would say, six months to nine months.
On this decreasing market, our order book on one year, for one year, meaning our order book today, the visibility we have for the year 2026, has increased by 5% during this period. Regarding powerboat, motor yacht, and dayboat, the frontier between dayboat and motor yacht, a big dayboat is a small motor yacht, so it's difficult to make the exact split in term of financial communication. But globally is relatively stable with some big ups and some big down, but relatively stable. On this market, we are growing by 14%. Order book visibility for the year 2026 today versus order book visibility for 2025 one year ago. Globally, 10%. This is the one I was mentioning at the beginning. We are today on track to outperform the market.
The question is, this is why we'll not say too much more regarding guidance for the year, but somehow it guides what we would have guide the market today if the Middle East conflict did not have started a few weeks ago. This will drive us. The product plan acceleration launched one year ago, one year and a half ago, initiated, deployed to you one year ago and starting from Cannes, start to deliver the expected results we want it to. In a controlled way from a CapEx standpoint, in a controlled way from a cash standpoint, meaning without over-investing, which is the important challenge of this plan, be ready to accelerate the product roadmap without over-investing. As it works, we'll continue. We said 66 in three years. We said 23 in 2025, so next year will be 24. It lets a big suspense for the year 2027.
What is important is it continues on both directions, value and premiumization, access to water and premiumization of the offer. It's not exactly the same timeline for each segment. It's not exactly the same product roadmap next year. 2026 will be more, I would say, aggressive product-wise on the day boating segment, which is a segment which is, I would say, sometimes on a good dynamic, especially at the moment we re-propose accessible offers. Similar one from sailing to motor yachting. The question is more the cutoff of the presentation. Is Düsseldorf in 2026 or in 2027? It's the same season, but it's the way we decide finally to present the boats. Pursue the acceleration of the product roadmap, the one launched one year ago, keeping investment relatively under constraint, not to over-invest on the market. Second pillar, competitiveness.
The choice we made, we explained at the beginning, we explained one year ago, is to keep our talent and to keep our capacity to rebound. This year, 2026, and even after, the objective is to capitalize on that, is to benefit from that. Is to reduce progressively the number of hours or days in Thérouanne in France and Italy, stabilizing the production at the capacity we have, at the number of talent we have, and grow much more on the other countries such as Poland, such as Portugal, such as Tunisia, in order to re-saturate and benefit from a P&L standpoint, not only from the growth contribution, but also from the performance improvement in each plant and globally. The last pillar is pursue the turnaround of our North American operation. We commented it quickly during the presentation.
EUR 13 million loss inside the EUR 21.6 million net operating income in the year. It's significant, but it's progressing a lot versus 2024. The challenge next year is to go one step further. For that, it will not be only cost-reduction measure. It will also be two new lines. One new line, one new product line for Four Winns, one new product line for Wellcraft. We launched it in Europe for Europe at the beginning. We'll transversalize it in U.S. for U.S. for Wellcraft. It will help the recovery of the site thanks to this new model, but it will strengthen as well the brand on a distribution strategy-wise to North America. First pillar, strengthen competitiveness through saturate the existing footprint, as I described. Design-to-cost, alternative sourcing, reduce time to market.
Reduce time to market is more about not only accelerate the timing to put the boat on the boat show and in the dealer network and to the market, but also reuse, but also accelerate the capitalizing on platforms and capitalizing on existing development to improve what really has the functionality, the USP that has to be proposed to customer, not reinventing every model for every segment. Sometimes it's needed, sometimes it's not. That's part of the EUR 5 million-EUR 10 million competitiveness contribution we expect next year on top of the growth contribution. Sustainable innovation, it's difficult to say what will be the exact contribution to our short-term and mid-term growth and contribution. Only those that don't do knows how they are exiting from the market. I remind the four pillars that we have. Naval architecture. We presented the Jeanneau Sea Loft.
One year ago, it was a project, a concept boat. Today, it has a name. It has a brand. It's a Jeanneau. It's a Sea Loft. It's a loft on the water. We are interesting the charter companies. We are interesting the hospitality market as well, and even more than the charter companies, which are in difficulties today. It's a new ecosystem for us because it's electric boat with our 48-volt solutions, which is on the right side of the innovation strategy. Foiling will be our next breakthrough because it improve performance. It improves navigation performance. It improves stability as well. It brings a new customer experience to the customer. It reduce the drag. It reduce the engine you need to push the boat in the water. It reduce the cost in reality and reduce the consumption.
It's either an innovation product-wise to satisfy the customer, competitive-wise at the end to reduce and decarbonate our industry. Electrification, we talked about low voltage, meaning the very competitive solution to go on the water, slow speed, small boat, slow displacement, up to 45 ft, let's say it that way, 48 ft for the Sea Loft. Next year challenge will be to go one step further, meaning electrification high voltage, which is a new know-how for us. This is going to be a part of our innovation roadmap. Embed progressively connectivity solutions inside the boats. Materials, we talked a lot about that during the previous presentation. This wonderful Lagoon Eighty 2 is made with very low carbon fiber, which reduced by a bit more than 30%, the CO2 emission during manufacturing. Next year priority as well will be to go one step further in terms of recyclable resin, Elium.
You know how we started with a proto, with the serial production, with the Sun Fast 30 One Design. We go one step further with this Oceanis 60 on the left, which is the first boat we use today for leisure boats. The priority is to go one step further also on the catamaran market and then progressively in the rest of the range. Refit, I talked about it a bit earlier. This is the way we decided to go one step further. From one side, we can say it's a competition with ourself. From the other side, if we don't do it ourself, someone else will do. It's better to do it with the brand, with the certification of the brand. It helps the reduction of the total cost of ownership for dealers by one way or another.
Either because it facilitates the exit of the fleet, either because it allows to pursue the usage during the fleet. Either it's a good business, either it's a good business support. We started one year ago with the Lagoon 620 made in Italy. We go one step further with the Lagoon 42, Lagoon 450, which is the heart of the charter business. It will be stopped with three models. It will be a progressive roadmap that we are scale up using our footprint, Tunisia, front of the water, BMS, Canet-en-Roussillon, front of the water for big boats, and progressively Atlantic as well. Financial structure. Here is the decision we took this morning during the board, that will be proposed to the shareholder meeting during the month of June. When the board, when the management believe that the roadmap is on track, it's trustful enough to distribute dividends.
That's the decision we took. To keep a EUR 0.20 per share dividend distribution, which is somehow very consistent with the average of the last years since 2018, 2019. This is a bit new in terms of EBIT because the net income is negative, it reflects the trust, the confidence the group has in the outlook and the pertinence and how robust is the product roadmap, how robust are the brands, how robust is the dealer network. To take advantage of what happens on the market today and get stronger out of any perturbation on the market. This is the distribution that will be proposed to the shareholder meeting on top of continuing to launch some share buyback program, as we did last year for EUR 2.8 million. What's the outlook? That is what I said progressively.
We finished the year with a solid treasury, even more solid than one year ago. We finished the year with a stronger order book, we should grow significantly during the year, except Middle East conflict impact that is absolutely not possible to evaluate today. We should grow significantly. 10% is the situation of our order book today versus last year, it gives an idea of the trend we would have, say, without this conflict. Thanks to the premiumization of the offer we are currently accelerating. Thanks to the renewing of the entry-level access to boating offer that we are accelerating. Now that the dealer network is stabilized, the perturbation ups and downs 2023, 2025 is over. This is the magnitude of the growth.
The profit contribution, of course, will come from this growth, will come from the progressive eradication of the loss in North America that remains a strategic operation to have in North America in the current context. Benefiting from the fact that this year is impacted by the preservation measure that we took. Progressively, it will improve the contribution and smooth the launch conditions boat after boat. Benefiting from the fact that the ERP launch is behind us in Bordeaux, was affecting us in H1, not that much in H2. A bit operationally, not that much financially at the end, we should benefit from it from H1 this year. I thank you for your attention. Next meeting is 4th of May regarding Q1 sales presentation. For any question, feel free.