The Italian Sea Group (TISG) Q3 2024 earnings summary

Executive summary

• Q3 2024 revenues reached €292 million, up 11.4% year-over-year, with EBITDA at €50.1 million, up 16.0%, and a margin of 17.2%.

• Net profit rose to €37.7 million, representing a 12.9% margin on total revenues, up from 9.4% last year.

• Order book stood at €1.275 billion as of September 30, 2024, with a net backlog of €533 million.

• Investments for the period totaled €7.2 million; net financial debt was €19.0 million.

• Filippo Menchelli was appointed or reappointed as Chairman of the Board of Directors.

Financial highlights

• Revenues increased from €262.2 million in Q3 2023 to €292.0 million in Q3 2024 (+11.4%).

• EBITDA rose from €43.2 million to €50.1 million (+16.0%), with margin improving to 17.2% from 16.5%.

• Net income grew from €24.5 million to €37.7 million, representing 12.9% of revenues.

• EBIT margin improved to 14.4% from 13.6% year-over-year.

• Net financial position at -€19.0 million, reflecting dividend payments, capex, and asset disposals.

Outlook and guidance

• 2024 guidance and 2025 outlook confirmed, with revenues expected between €400–420 million in 2024 and €430–450 million in 2025, and EBITDA margin targets of 17.0–17.5% and 18.0–18.5% respectively.

• Ongoing negotiations for large yacht contracts expected to close by early 2025.

• Dividend policy targets distribution of 40–60% of net profit, with leverage capped at 1.5x LTM EBITDA.

• Continued emphasis on innovation, sustainability, and efficiency in production.