Bellini Nautica (BELL) Company presentation summary

Business profile and development

• Founded in 1967; activity evolved from boatbuilding and European exports to yacht sales, restoration, storage and services.

• Bellini Yacht was established in 2023, renewing boat production with a portfolio combining heritage and new design.

• Operations span yacht production, new and used yacht sales, vintage Riva restoration and sales, port services, storage, refitting, maintenance and transport.

• European footprint includes 3 Italian Italian Dealer sites, 11 multibrand sites in Spain, 1 UK monobrand site, and 1 French monobrand and 1 multibrand site.

Financial performance and targets

• H1 2024 sales were €11.3m, up 114.7% YoY; production value was €11.9m, up 52.7% YoY.

• H1 2024 EBITDA declined 3.6% YoY; net income remained positive.

• FY24E–FY27E sales targets rise from €19.4–21.5m to €49.7–60.7m; EBITDA targets rise from €1.2–1.5m to €7.3–10.9m.

• EBITDA margin targets progress from 6%–7% in FY24E to 15%–18% in FY27E; net financial debt is projected to turn to cash of €2.3–2.8m in FY27E.

• Production and sales target exceeds 100 boats from 36 to 66 feet over 2024–2027.

Business lines and market reach

• Italian Dealer sells new and used yachts, is an official Cranchi Yachts dealer, and offers storage, refitting, technical assistance, fueling and painting.

• Bellini Classic focuses on vintage Riva restoration and sales; its private collection spans models from 1920 to 1996, including Riva Lamborghini, Lancetta and Racer.

• Artist collaborations have produced customized vintage Riva Aquarama boats since 2021.