Catana Group (CATG) H2 24/25 earnings summary

Executive summary

• Strategic choices validated by three years of nautical market evolution, with profitability maintained despite reduced activity and long-term trade-offs.

• Market downturn since 2023 led to a 23% drop in activity for 2024/2025, but operational flexibility and long-term focus preserved industrial capacity.

• Commercial success in large catamarans and new models, with the BALI 5.8 and CATANA OC 50 performing well.

• Board changes include the cooptation of Boris Compagnon and Nathalie Lucas as new directors.

Financial highlights

• Revenue fell to €174.9M from €229.5M year-over-year, a 23% decrease.

• Operating income dropped to €17.4M from €37.4M; net income (group share) at €13.6M vs. €29.7M prior year.

• Gross margin at €92M (52.5% of revenue), down from €130M (56.7%).

• Cash position at €42.7M, net cash at €18M, and group equity at €100.8M.

• Operating cash flow positive at €18.7M; investments at €21.2M.

Outlook and guidance

• Strategic plan 2030 targets growth in catamarans and expansion in motorboats, with new models and industrial projects underway.

• Market remains uncertain, but management is optimistic about a near-term rebound and long-term growth.