The Italian Sea Group (TISG) has reported a decline in its revenue and profits for the first half of 2025, with yard CEO Giovanni Costantino citing "ongoing geopolitical and economic tensions" as an potential explanation behind the slightly unfavourable result.
The yachting giant has amassed €186.8 million in revenue so far (a 1.4 per cent decrease from H1 2024) and reported a 58 per cent decline in net profit at €12.2 million – though last year's financial results were massively boosted by the sale of its Viareggio yard to NEXT Yacht Group for €21 million.
The Italian Sea Group also noted a 6.3 per cent decline in its EBITDA, from €32.4 million (H1 2024) to €30.4 million, with a margin on revenue of 16.3 per cent compared to last year's 17.1 per cent. The yard attributed this "slight decline" to the higher impact of fixed structural costs, due to the decrease in production value recorded during the period.
Other key financial metrics
Net financial position: €63.2 million versus – €12 million (as of December 2024)
H1 investments: €1.5 million
Total order book: €1.19 billion (as of 30 June 2025)
Guidance update: Revenue expected at €350-70 million for 2025 with an EBITDA margin between 16.5-17 per cent
Costantino cited "protectionist policies" enacted by the U.S. administration as an influencing factor, which has increased buyer uncertainty, complicated the market and resulted in longer negotiation times – particularly for larger yachts.
Read More/Marine industry responds to 15% tariff deal between the US and EU"In this challenging scenario, we are satisfied with the regular progress of the many projects currently under construction," he explained. "The strength of our offerings and the relationships we have built over time with an increasingly informed international customers, together with our design excellence and tailor-made attention to detail, remain the key features of our brands."
According to BOATPro, The Italian Sea Group has 17 active superyacht projects across its seven brands, including a 100-metre Admiral build and a custom Perini Navi sailing yacht, scheduled for delivery this year.
The yard expects its current new build negotiations to be finalised by the end of the fiscal year.