Catana Group (CATG) H1 24/25 earnings summary

Executive summary

• Revenue declined 23% year-over-year to €81.2M due to market normalization and post-COVID inflation impacts on boat prices.

• Operational profitability remained solid, with operating income at €8.2M (10% margin) and net income at €6.8M (8.3% margin).

• The group managed to delay the full impact of market contraction thanks to a strong order book and strategic price adjustments.

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

• Launch costs for the new Aveiro, Portugal factory weighed on profitability by €2.4M in H1.

Financial highlights

• Revenue: €81.2M (down from €105.7M year-over-year).

• Operating income: €8.2M (down from €16.8M year-over-year).

• Net income (group share): €6.8M (down from €13.4M year-over-year).

• Cash flow from operations: -€6.2M, impacted by a €16.2M seasonal working capital increase.

• Cash and equivalents at period end: €30M (down from €66.6M year-over-year), with net cash outflow of €20.2M for the semester.

• Total equity (group share): €93.2M, up from €82.2M year-over-year.

• Net financial debt: €48.2M, including €11M in concessions.

Outlook and guidance

• The group expects improved volumes and profitability as the new Portuguese factory ramps up.

• Market uncertainty persists due to global economic and geopolitical factors, especially US policy.

• The company is maintaining flexibility in production and focusing on high-potential market segments, including large catamarans, long-range sailing, and motorboats.