Catana Group (CATG) H1 25/26 earnings summary

Executive summary

• Revenue for H1 2025/2026 reached €82.2M, up slightly from €81.2M, but ordinary revenue fell to €65.2M due to a €17M non-margin stock sale linked to ERP change.

• Operational performance declined, with operating income at -€1.5M and net income at -€1.7M, reflecting a 20% drop in activity excluding exceptional items.

• Strategic focus remains on the 2030 plan, with growth expected from new BALI models and the YOT motorboat segment starting 2026/2027.

Financial highlights

• Gross margin pressured by lower volumes and aggressive pricing in a shrinking nautical market.

• Operating cash flow positive at €14M, with a strong cash position of €36.6M at period end.

• Net debt increased slightly to €18.7M, with equity at €97.6M.

• Aveiro plant in Portugal posted a €3.1M loss in its first full year, impacting consolidated results.

Outlook and guidance

• Commercial acceleration anticipated from 2027, with new product launches (YOT 53, BALI 7.0) targeting premium and resilient market segments.

• Strategic investments and new financing lines (€19M) to support growth and modernization.

• Market recovery contingent on improved geopolitical conditions.