The Italian Sea Group (TISG) Q1 2025 earnings summary

Executive summary

• Q1 2025 revenues reached EUR 96.8 million, up 1% year-over-year, with EBITDA rising 4% to EUR 16.7 million and an EBITDA margin of 17.3%.

• Order book stood at EUR 1.22 billion as of March 31, 2025, with strong new order intake and ongoing negotiations for additional contracts.

• Net financial position at minus EUR 33 million, reflecting increased working capital and investments.

• Partnerships with luxury brands like Armani and Lamborghini continue to perform well, with new projects and extensions underway.

• Management remains confident despite a challenging market, citing strong client relationships and a robust pipeline of custom yacht projects.

Financial highlights

• Shipbuilding revenues grew 4.5% year-over-year to EUR 91.4 million, driven by large projects and semi-custom lines.

• Refit revenues were EUR 5.4 million, with 13 yachts refitted, mainly in Europe, but declined 40.6% due to focus on shipbuilding.

• EBITDA margin improved to 17.3% from 16.8% in Q1 2024 and 16.2% in Q1 2023.

• Net income for Q1 2025 was EUR 8.5 million, representing 8.8% of revenues.

• Net working capital increased to EUR 41.3 million, 10.2% of revenues.

Outlook and guidance

• Full-year 2025 guidance reaffirmed: revenues EUR 410–430 million, EBITDA margin 17.5–18%.

• Dividend policy maintained at 40–60% of net profit, with maximum leverage of 1.5x EBITDA.

• Management anticipates a boost from upcoming yacht deliveries and new product launches, including high-profile collaborations.