Revenue slipped 1.4% year-on-year to €186.8 million, while EBITDA fell 6.3% to €30.4 million. Net profit dropped sharply to €12.2 million, a 58% decline from the same period in 2024, when results were bolstered by a capital gain on the sale of the Viareggio shipyard.
CEO Giovanni Costantino pointed to the combined effects of ongoing geopolitical tensions, including the U.S.’s new import tariffs on European yachts, and a “physiological, though temporary” slowdown in the yachting industry.
H1 2025 Key Financials
- Revenue: €186.8m (–1.4% YoY)
- EBITDA: €30.4m (–6.3% YoY, margin 16.3%)
- Net Profit: €12.2m (–58% YoY)
- Net Financial Position: –€63.2m (net debt)
- Order Book: €1.19bn
- Investments: €1.5m
- 2025 Guidance: Revenue €350m–€370m; EBITDA margin 16.5%–17.0%
In this challenging scenario – characterised by a physiological, though temporary, slowdown in the yachting industry and longer negotiation timelines, particularly for larger yachts – we are satisfied with the regular progress of the many projects currently under construction.
Founder and CEO
TISG
Segment Performance
Shipbuilding revenue rose 3% to €172.6 million, underpinned by the steady progress of ongoing contracts. In contrast, refit revenue fell 52% to €10.9 million, reflecting a strategic emphasis on new construction over refurbishment work.
Order Book & Outlook
The total order backlog stood at €1.19 billion at the end of June, down slightly from €1.24 billion at year-end 2024. The net backlog fell to €362.3 million, mainly due to a high number of deliveries in the first half.
TISG has revised its 2025 revenue guidance down from €410–430 million to €350–370 million, citing longer negotiation cycles, especially in the large yacht segment. Nevertheless, the company anticipates a busy Monaco Yacht Show with the debut of high-profile projects, including:
- Amalya - 78m Admiral yacht
- After You - 72m Admiral Giorgio Armani
- Katana - 60m Perini Navi sailing yacht
- Raja 2 - 55m Admiral yacht
- Gentleman's Yacht 24 - New 24m Picchiotti
Strategic Positioning
TISG continues to invest in new high-value production capabilities and semi-custom product lines, aiming to broaden its offering, optimise build times, and improve margins. The group’s ongoing collaborations with Armani and Automobili Lamborghini for the Tecnomar Lamborghini 63 remain central to its push into the ultra-luxury segment.
Analysis: Tariff & Market Headwinds
The U.S.’s newly imposed import duties on European-built yachts, particularly in the sub-30-metre category, are adding pressure across the sector, echoing trends seen in recent results from Ferretti Group and major U.S. dealers such as MarineMax and OneWater. While TISG’s focus on larger, ultra-luxury yachts provides some insulation, the policy still introduces friction to an already cautious buying environment, with the potential to slow decision-making and lengthen sales cycles for certain models.
Still, ultra-high-net-worth clients in the 50m+ segment remain relatively insulated from financing constraints or tariff shifts, a segment where TISG is concentrating its brand power.
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