€170.9m 2025 Net Loss Reported by The Italian Sea Group

2025 accounts show a sharp deterioration

The Italian Sea Group has reported a consolidated net loss of €170.9 million for 2025, compared with a €33.9 million profit in 2024. Consolidated revenue fell 27% to €295.1 million from €404.4 million a year earlier.

EBITDA moved from a positive €70.3 million in 2024 to a negative €99.2 million, while EBIT fell from €57.7 million to a negative €141.2 million. The group’s consolidated equity was reported at negative €388.1 million at the end of the year.

Project-cost reviews weighed heavily on the result

The company has linked a significant part of the deterioration to project cost overruns and a reassessment of the costs required to complete yacht and refit contracts. Direct costs increased despite the fall in revenue, while provisions were also recognised for contracts where estimated completion costs exceeded expected revenue.

Other items included customer-credit impairments and an impairment of the Perini Navi brand. The group’s net financial position also weakened to negative €129.6 million from negative €12.5 million at the end of 2024.

Order book remains substantial despite financial pressure

The gross order book stood at approximately €1.03 billion, with net backlog of €349.5 million. Those figures give the group a significant volume of contracted work but also underline the importance of restoring project margins and financial stability across the build programme.

The 2025 accounts sit within a wider restructuring and investor process involving The Italian Sea Group’s shipyards and brands. For owners and suppliers, the key issue is how the company converts its remaining backlog into completed projects while addressing capital requirements and the financial effects of the 2025 review.