The Italian Sea Group (TISG) Q3 2025 earnings summary

Executive summary

• Revenues for the first nine months of 2025 ranged from €255.6 million to €262.3 million, down 10.2–12.5% year-over-year, mainly due to a sharp decline in refit revenues and a moderate decrease in shipbuilding revenues.

• EBITDA was €42.6 million, a 15% decrease year-over-year, with a margin of 16.2%, reflecting higher fixed costs and inflationary pressures.

• Net profit dropped 55.9–56% to €16.6 million, impacted by the absence of prior year’s one-time capital gain.

• The order book stood at €1.15 billion as of September 30, 2025, with strong backlog and new orders in Q3.

• Net financial position deteriorated to negative €70.6–70.9 million, mainly due to new long-term financing and dividend payments.

Financial highlights

• Shipbuilding revenues were €243–243.5 million, down 5.4% year-over-year; refit revenues fell 65–65.3% to €12–12.1 million.

• EBITDA margin declined to 16.2% from 17.2% in 2024; EBIT margin was 13.7% (down from 14.4%).

• Net working capital increased to €73.9 million (28.2% of revenues) from €10.8 million at year-end 2024.

• Investments totaled €3 million, focused on maintenance and production process enhancements.

• Net financial position worsened due to increased leverage and new long-term loans.

Outlook and guidance

• 2025 guidance confirmed: revenues expected between €350–370 million and EBITDA margin between 16.5–17.0%.

• The order book remains robust, with 90% of backlog in yachts over 50 meters and deliveries scheduled through 2027.

• Management remains optimistic despite geopolitical and macroeconomic uncertainties.