Bellini Nautica (BELL) H2 2024 earnings summary

Executive summary

• FY24 sales rose 79.9% YoY to €20.0m, while EBITDA increased to €1.264m; consolidated net loss was €160.6k, including a €126.1k loss attributable to the parent.

• Results reflected higher trading and the launch of Bellini Yacht, alongside greater depreciation and provisions; net financial debt increased to €5.126m from €3.513m.

Financial highlights

• Revenue from sales and services was €20.003m versus €11.117m in FY23; total production value reached €20.807m versus €14.631m.

• Operating costs totaled €20.600m; operating income (EBIT) was €206.9k versus €370.8k, and pre-tax income was €30.7k versus €227.4k.

• Consolidated net loss was €160.6k versus net income of €241.4k; parent-attributable result was a €126.1k loss.

• Cash from operations was €501.9k versus an €836.7k outflow; cash at year-end was €548.0k versus €485.6k.

Outlook and guidance

• FY25 priorities include reducing fixed costs, improving service contribution margins and optimizing production, alongside brand portfolio expansion and balance-sheet consolidation.

• Net backlog for new, used and Vintage Riva boats awaiting delivery was ~€7m, supplemented by recurring services.

• The 2024–2027 industrial plan adds Bellini Yacht production and sales of 36–66-foot boats to traditional trading and services activities.