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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.
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H1 2025 earnings summary11 Sep, 2025

Executive summary

  • Revenue for H1 2025 was €887.9M, down 12.4% year-over-year, mainly due to a decline in the industrial segment; EBITDA fell 12.3% to €145.7M, maintaining a margin of 16.4% on sales, while net profit attributable to the group dropped to €6.4M from €11.5M in H1 2024.

  • Net financial debt stood at €947.2M, stable versus December 2024 but up €129.4M year-over-year, reflecting increased investments and dividend payments.

  • Consolidated margins were maintained despite ongoing international trade disputes and geopolitical tensions, attributed to prudent financial management of subsidiaries.

  • The naval sector achieved over 50% revenue growth, mainly from the defense division, with a robust order book exceeding €1 billion.

  • The group faced challenging macroeconomic and geopolitical conditions, with international trade disputes and market contractions impacting performance.

Financial highlights

  • Consolidated revenue: €887.9M (-12.4% YoY); EBITDA: €145.7M (-12.3% YoY, 16.4% margin); EBIT: €67.6M (-28.9% YoY, 7.6% margin); Net profit: €6.4M (-44.4% YoY).

  • Net financial debt: €947.2M (vs. €947.3M at Dec 2024, €817.8M at June 2024).

  • Operating cash flow: €103.4M; investments in tangible and intangible assets: €85.8M.

  • Dividend paid: €0.012/share, total €4.1M.

  • Net profit including minorities was €18.2M, down from €32.2M; group net profit was €6.4M.

Outlook and guidance

  • The outlook remains cautious, with future performance tied to stabilization of geopolitical and economic conditions.

  • The industrial segment will focus on productivity, investments in iconic brands, and sustainability-linked financing.

  • The naval segment aims to optimize production capacity and expand its order book, with new contracts expected.

  • Real estate/tourism will continue commercial and rental activities to boost resort occupancy and sales.

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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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