The Italian Sea Group (TISG) H1 2025 earnings summary

Executive summary

• H1 2025 revenues were €186.8 million, down 1.4% year-over-year; EBITDA was €30.4 million, down 6.3% with a margin of 16.3%.

• Net profit dropped 58% to €12.2 million, impacted by the absence of a prior-year capital gain.

• Order book stood robust at €1.19 billion as of June 30, 2025.

• Investments for the period totaled €1.5 million, focused on maintenance and process improvements.

• Net financial position deteriorated to -€63.2 million from -€12.5 million a year earlier.

Financial highlights

• EBITDA margin declined to 16.3% from 17.1% year-over-year.

• Net profit margin fell to 6.5% from 15.3% year-over-year.

• EBIT margin was 13.7% in H1 2025, down from 14.2% in H1 2024.

• Net working capital increased to €63.6 million from €10.8 million at year-end 2024.

• Cash and cash equivalents at period end were €71.8 million.

Outlook and guidance

• 2025 revenue guidance revised to €350–370 million (previously €410–430 million), with EBITDA margin expected at 16.5–17.0%.

• Financial leverage expected to remain below 1.5x EBITDA.

• Achieving guidance depends on securing €250–300 million in new orders in H2 and geopolitical stability.

• Management expects ongoing negotiations for large yacht sales to conclude positively by year-end.

• Strategic partnerships and new product launches, including Admiral Armani and Picchiotti Gentleman lines, are expected to boost brand visibility.