The Italian Sea Group posts strong FY 2024 results
The Italian Sea Group, an Italian boatbuilder which operates brands including Admiral, Tecnomar, Perini Navi, Picchiotti, NCA Refit, and Celi 1920, has released its financial statements for the financial year ending 31 December 2024, showing a strong financial position and projected increases in 2025.
The Italian Sea Group reported total revenues of €404.4m for the financial year ending 31 December 2024, an increase of 11 per cent compared to €364.4m in the previous year. Net income is €33.8m, reflecting an 8.2 per cent decline from €36.9m in 2023 due to non-recurring tax items. The total order book value as of 31 December 2024 is €1.24bn.
In a statement issued alongside its 2024 results, The Italian Sea Group says it expects revenues between €410m and €430m in 2025, with an EBITDA margin projected between 17.5 per cent and 18 per cent.
“The results approved today by the board of directors once again confirm our strength and flexibility, which allowed us in tackling successfully a year characterised by a very uncertain macroeconomic and geopolitical scenario,” says Giovanni Costantino, founder and CEO of The Italian Sea Group. “Despite the challenging environment, we achieved a new revenue record at €405m on a sustainable growth path that has led us to improve our profitability while putting, as always, the quality of our yachts first.”
During 2024, the group delivered projects including the 78-metre Admiral Platinum and 66-metre Jas. The year 2025 will see various launches, including the Admiral 72-metre designed by Giorgio Armani, the first Admiral Panorama 50-metre, in addition to new Perini and Picchiotti yachts that will contribute to the global relaunch of the two brands. Several yachts over 60 metres in length, as well as the Tecnomar for Lamborghini 63, are under construction, with deliveries scheduled through 2026.
“Although the market has experienced a phase of normalisation after the covid peak, we are very confident for the future in light of the growing number of shipowners and their search for increasingly unique solutions,” adds Costantino.
The company’s operating revenues amount to €406.1m, representing a 12.7 per cent increase from the previous year. Shipbuilding revenues total €364.3m, increasing by 14.5 per cent from €318.2m in 2023. This growth is attributed to the steady progress of ongoing yacht construction and the signing of new contracts for larger vessels. Refit revenues amount to €41.8m, which is in line with the €41.9m recorded in 2023.
The total order book value as of 31 December 2024 stands at €1.24bn. The net backlog, which reflects contracts for yachts not yet delivered minus recorded revenues, is €433m.
Based on the current order backlog and ongoing negotiations, the company expects revenues between €410m and €430m in 2025.
Italian Sea Group’s 2024 results come after the group announced legal proceedings against the New York Times in response to an article published on 31 October 2024.
The article in question discussed the sinking of the superyacht Bayesian, which made international headlines when it sank in a freak maritime accident during a storm off the Sicilian coast in August.
Bayesian was built by Perini Navi, an Italian brand that TISG acquired in January 2021 from a bankruptcy auction along with Perini Navi’s brand, archives and real estate.
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