Catana Group (CATG) H1 24/25 earnings summary

Executive summary

• Revenue for H1 2024/2025 declined 23% year-over-year to €81.2M, reflecting market normalization after post-COVID highs.

• Operational and net results remain solid despite lower activity, with net income group share at €6.8M (8.3% of revenue).

• The group maintains a clear long-term strategy, investing counter-cyclically and preparing for future market rebound.

Financial highlights

• Operating income for H1 2024/2025 was €8.2M, down from €16.8M year-over-year.

• Net income group share fell to €6.8M from €13.5M year-over-year.

• Gross margin compressed due to price reductions and launch costs for the new Aveiro plant, impacting profitability by €2.4M.

• Cash flow from operations was negative €6.2M, mainly due to seasonal working capital needs.

• Cash position at period end was €30M, with net cash outflow of €20.2M for the semester.

Outlook and guidance

• Short-term market visibility remains low due to global economic and geopolitical uncertainties, especially from US policy shifts.

• The group expects a ramp-up in activity from the new Portuguese plant in the next fiscal year.

• Strategic focus remains on high-potential segments: large catamarans, long-range sailing, and motorboats.