Bellini Nautica (BELL) H1 2025 earnings summary

Executive summary

• H1 2025 revenue rose 7.5% YoY to €12.13m and EBITDA increased 52.5% to €1.37m; net income fell to €118k from €282k as amortization, provisions and impairments increased.

• Production ramp-up and product launches supported growth, while pre-delivery working capital needs and higher net financial debt weighed on liquidity.

Financial highlights

• Revenue €12.13m, up 7.5% YoY; value of production €12.68m, up 6.4%.

• EBITDA €1.374m, up 52.5% YoY; EBITDA margin 10.8% vs 7.6%.

• EBIT €325k, down 43.5% YoY; EBT €205k vs €457k; consolidated net income €118k vs €282k.

• Adjusted for higher amortization, provisions and impairments, costs rose €724k to €1.05m; reported amortization was €402k and provisions/impairments €648k.

• Sales growth was driven mainly by Bellini Yacht and refitting/storage/services, partly offset by lower New and Used revenue; Vintage Riva was broadly stable.

Outlook and guidance

• ASTOR 36 reached full production capacity; scale benefits and supply-chain efficiencies are expected to support yacht-division EBITDA from H2.

• Net backlog was ~€7m; 11 own-brand yachts were contracted in H1 2025 vs 4 in the prior year, supporting near-term revenue visibility.

• Priorities include reducing pre-delivery working-capital needs and fixed costs, optimizing production, and raising service contribution margins.

• July capital raising of €4.1m was intended to fund yacht-line development, brand building, global market expansion and entry into new segments.