Bellini Nautica (BELL) H2 2025 earnings summary

Executive summary

• FY25 revenue rose 16.8% YoY to €23.36m; production value increased 39.2% to €28.95m, with consolidated net income of €95.7k versus a €160.6k loss in FY24.

• Growth reflected rising yacht production and higher inventory; net working capital expanded to €13.2m, while net financial debt was broadly stable at €5.21m.

Financial highlights

• Sales revenue was €23.36m, up 16.8% YoY; value of production reached €28.95m, up 39.2%.

• EBITDA increased 35.2% to €1.71m, while EBITDA margin eased to 5.9% from 6.1%; EBIT was €454k versus €207k.

• Net income was €95.7k versus a €160.6k loss; parent-attributable profit was €87.7k versus a €126.1k loss.

• Operating cash flow was negative €1.80m, against positive €502k in FY24; inventories rose €5.96m and trade receivables increased €2.99m.

Outlook and guidance

• FY26 opens with net backlog of €23.7m across signed new-boat, pre-owned and Vintage Riva contracts, plus recurring service activity; backlog provides significant revenue-budget coverage.

• FY26 priorities include reducing fixed costs as a share of sales, improving service contribution margins, optimizing yacht production and strengthening the financial structure.

• Management expects significant FY26 acceleration in revenue and operating margin, supported by production efficiencies and expanded product range.