The Italian Sea Group (TISG) H2 2024 earnings summary

Executive summary

• FY 2024 revenues reached €404–404.4 million, up 11% year-over-year, with strong shipbuilding growth and stable refit revenues.

• EBITDA rose 13.5% to €70.3 million, margin improved to 17.4%, and EBIT increased to €57.7 million.

• Net profit declined to €33.8–33.9 million due to a one-off Patent Box tax effect.

• Order book at December 31, 2024, stood at €1.24 billion, with a net backlog of €433 million.

• Dividend of €13 million (€0.245 per share) declared, representing a 40% payout ratio.

Financial highlights

• Shipbuilding revenues grew 14.5–15% to €364–364.3 million, driven by large yacht projects.

• Refit revenues stable at €41.8–42 million, with 26 yachts refitted in 2024.

• Operating revenues totaled €406.1 million, up 12.7% year-over-year.

• Net financial position at -€12.5 million, impacted by investments, dividends, and delayed payments.

• Sale of Viareggio shipyard generated €33 million, with €21 million collected in 2024.

Outlook and guidance

• 2025 revenue guidance set at €410–430 million, with EBITDA margin target of 17.5–18%.

• Guidance excludes potential growth from acquisitions, which are being actively pursued.

• Dividend policy aims to distribute 40–60% of net profit annually, subject to M&A and capex strategy.

• Financial leverage capped at 1.5x LTM EBITDA.

• More than half of 2025 revenues already covered by backlog.