The Italian Sea Group – builder of the Admiral, Celi 1920, Perini Navi, Picchiotti, NCA Refit and Tecnomar brands – has seen a decline in its revenue and profits for the first half of 2025 revenue with shipyard CEO Giovanni Costantino pointing to “ongoing geopolitical and economic tensions” behind the slowdown.
TISG has seen revenues dip 1.4 per cent year-on-year to €186.8 million, versus €189.4 million in the same period of 2024, while EBITDA fell 6.3 per cent to €30.4 million.
Group net profit dropped 58 per cent – €12.2 million in H1 2025 versus €36.9 million in the first half of 2024 when results were boosted by a capital gain on the sale of the Viareggio shipyard.
Shipbuilding revenue increased by 3 per cent to €172.6 million, supported by consistent progress on ongoing projects. Conversely, refit revenue dropped by 52 per cent to €10.9 million, highlighting a strategic shift toward new construction rather than refits.
Giovanni Costantino, founder & CEO of The Italian Sea Group, says: “In a context of ongoing geopolitical and economic tensions, the protectionist policies enacted by the US administration – through the introduction of additional import duties – have increased overall uncertainty and further complicated a market environment already undergoing a normalisation phase after the strong growth of recent years. In this challenging scenario – characterised by a physiological, though temporary, slowdown in the yachting industry and longer negotiation timelines, particularly for larger yacht[s] – we are satisfied with the regular progress of the many projects currently under construction.”
TISG H1 2025 key results
Revenue: €186.8m (–1.4 per cent YoY)
Net Profit: €12.2m (–58 per cent YoY)
Net financial position: –€63.2m (net debt)
EBITDA: €30.4m (–6.3 per cent YoY, margin 16.3 per cent)
Order book: €1.19bn (as of 30 June 2025)
H1 Investments: €1.5m
2025 guidance: Revenue expected at €350-70 million for 2025 with an EBITDA margin between 16.5-17 per cent
TISG posted an EBIT of €25.6 million, down 4.5 per cent versus €26.8 million for H1 2024, with a margin on revenue of 13.7 per cent.
The total order book amounted to €1.19 billion at the end of June 2025, a slight decrease from €1.24 billion at the end of 2024. The net backlog declined to €362.3 million, primarily due to a large volume of deliveries in the first half of the year.
Costantino adds: “Activity at our shipyards continues steadily, driven by meticulous organisation and continuous improvement of production processes, which allowed us to deliver four large yachts during the period: three Admiral of 55, 66 and 78 metres, and a 60 metre Perini Navi. We expect current negotiations to be finalised by the end of the fiscal year.”
TISG will be at Monaco Yacht Show in September and will showcase the 72 metre Admiral Armani – designed by fashion designer Giorgio Armani, a 60 metre Perini Navi sailing yacht, and the Picchiotti Gentleman, marking the debut of a new product line.
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