Bellini Nautica (BELL) H1 2026 earnings summary

Executive summary

• H1 2026 sales nearly doubled YoY to €23.693m; consolidated net income rose to €545k from €118k, driven primarily by own-brand yacht production.

• ASTOR 36 reached full production capacity; development advanced across ASTOR 38, ASTOR 68 and the steel-hulled Eternal range.

Financial highlights

• Production value was €23.741m versus €12.683m YoY; sales were €23.693m versus €12.130m.

• EBITDA was €2.012m versus €1.374m; EBIT €998k versus €325k; pretax income €863k versus €205k.

• Net income was €545k, including €384k attributable to the parent and €161k to minority interests; prior-year net income was €118k.

• Adjusted EBITDA was €2.406m, excluding €394k of exceptional penalties and revenue adjustments arising from customer agreements.

Outlook and guidance

• Management expects 2026 to deliver significant acceleration in revenue and operating margin; priorities include fixed-cost leverage, service contribution and production efficiency.

• Net backlog was indicated at ~€18m, excluding recurring service activity, providing revenue visibility for coming months.

• ASTOR 38 commercialization began in September 2026; ASTOR 68 was unveiled at Cannes in September, with further Eternal development and dedicated financing under evaluation.

• Second-half deliveries of boats sold in H1 are expected to recognize the associated revenue and collect remaining balances.