Italian Sea Group and Perini Navi group adjust their projected outlook to a more pessimistic direction
Italian Sea Group Adjusts Financial Guidance Amid Challenging Market Conditions
The Italian Sea Group (TISG), a leading luxury yacht manufacturer with brands including Admiral, Tecnomar, and Perini Navi, has revised its 2025 financial guidance due to ongoing market challenges. The new forecast predicts revenue between €350 million and €370 million, down from a previous estimate of €410-430 million, with an EBITDA margin forecasted between 16.5% and 17.0% (previously 17.5-18%) [1][2][3][4][5].
The decline in margins and profitability is attributed to several factors, including ongoing geopolitical and economic tensions, a temporary slowdown in the yachting industry, increased fixed structural costs, and the absence of a significant capital gain from the sale of the Viareggio shipyard [1][2][3][4][5].
Financial highlights from the first half of 2025 show a 1.4% decrease in revenues to €186.8 million, a 6.3% decline in EBITDA to €30.4 million, and a 58% decrease in net profit to €12.2 million [1][2][3][5]. Shipbuilding revenue increased by 3% to €172.6 million, supported by progress in ongoing projects, while refit revenue declined by 52% to €10.9 million, reflecting a strategic shift toward new builds over refits [2][3].
CEO Giovanni Costantino expressed satisfaction with the steady progress of projects under construction and a strong order book valued at €1.19 billion as of mid-2025, slightly lower than the €1.24 billion at the end of 2024 [3][5]. However, the first-half performance did not meet the 16.3% profitability achieved in the same period [1].
The negative net financial position of €63.2 million was influenced by operational performance in the first half, the payment of a €13 million dividend, and investments made during the period [1][2][3][5]. The total value of contracts in place for yachts not yet delivered to clients, net of revenues already recorded, was €362.3 million as of June 30, down from €433.4 million at the end of December [1][2][3][4][5].
Despite these headwinds, TISG remains optimistic about its future, with a robust order book and a focus on delivering high-quality yachts to its clients. The company is headquartered in Marina di Carrara, Italy.
[1] Italian Sea Group Press Release, 2025 [2] Boat International, 2025 [3] SuperYacht Times, 2025 [4] The Yacht Report, 2025 [5] ShowBoats International, 2025
Amid the challenging market conditions, the Italian Sea Group has revised its 2025 financial guidance, with a focus on maintaining profitability in the luxury yacht manufacturing business. The declining margins and reduced revenue forecast are attributed to geopolitical tensions, a temporary slowdown in the yachting industry, increased fixed structural costs, and the absence of a significant capital gain from the sale of the Viareggio shipyard.
