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Immsi (IMS) investor relations material
Immsi H1 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.H1 2025 earnings summary11 Sep, 2025
Executive summary
Net revenues for H1 2025 were €887.9 million, down 12.4% year-over-year, mainly due to declines in the industrial sector (Piaggio group).
Consolidated margins were maintained despite international trade disputes and geopolitical tensions, attributed to prudent financial management.
EBIT decreased 28.9% to €67.6 million, with net profit including non-controlling interests at €18.2 million, down from €32.2 million in H1 2024.
The naval sector achieved over 50% revenue growth, mainly from the defense division, with a robust order book exceeding €1 billion.
Investments are ongoing in the hotel sector to enhance commercial operations.
Financial highlights
EBITDA was €145.7 million (16.4% margin), down from €166.2 million in H1 2024.
EBIT was €67.6 million, a 28.9% decrease from €95.1 million; EBIT margin was 7.6% versus 9.4%.
Group net profit was €6.4 million, compared to €11.5 million in H1 2024.
Net financial debt was €947.2 million, stable versus year-end 2024, but up €129.4 million year-over-year.
Capital expenditure totaled €85.8 million, slightly lower than €86.9 million in the prior year.
Outlook and guidance
The outlook depends on geopolitical and economic stability to support consumer demand.
Piaggio converted a €200 million credit line into a Sustainability Linked facility in July 2025, aligning with ESG targets.
Naval sector aims to execute new contracts and expand production capacity, leveraging a strong order book.
Real estate and hospitality will continue marketing and rental activities, targeting growth in resort clientele.
What is the value of new naval contracts?
What are Piaggio's sustainability credit KPIs?
How will Immsi capitalize on seabed surveillance?
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Frequently asked questions
Immsi S.p.A. is an Italy-based holding company that oversees a diverse portfolio of around 40 companies across various sectors. It operates primarily through three main business segments: the industrial sector, represented by the Piaggio group, which focuses on the production and distribution of scooters, motorcycles, and light commercial vehicles; the naval sector, through Intermarine S.p.A., which specializes in the production of defense ships including mine countermeasure vessels, fast patrol boats, hydrofoils, and fast ferries; and the real estate sector, including the management of a tourist and holiday resort through Is Molas S.p.A. The company is headquartered in Mantua, Italy, and its shares are listed on the Borsa Italiana.
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