The Italian Sea Group S.p.A. announced today the approval of its consolidated preliminary results as of December 31st, 2023, alongside the unveiling of its 2024-2025 Strategic Outlook. The preliminary results showcase a strong performance, exceeding market expectations and affirming the Company’s steadfast growth trajectory.
Key highlights from the preliminary results as of December 31st, 2023, include:
Total Revenues: EUR 363 million, marking a notable increase of 23% compared to EUR 295 million in the previous year.
EBITDA: EUR 61 million, reflecting a significant surge of +30% compared to EUR 47 million as of December 31st, 2022, with an EBITDA Margin of 16.8%.
Investments: EUR 10 million, including EUR 5.6 million allocated to enhancing production capacity for Celi 1920.
Net Financial Position: Positive for EUR 2 million, a significant turnaround from a Net Financial Debt of EUR 11 million at December 31st, 2022.
Order Book: Totaling EUR 1,265 million as of December 31st, 2023, underscoring robust demand and future growth prospects.
Commenting on the Company’s performance, Giovanni Costantino, TISG’s Founder & CEO, expressed satisfaction with the achievements of 2023, citing the successful return to the Monaco Yacht Show, significant deliveries, and the development of new projects as catalysts for growth. He emphasized the Company’s ability to surpass market expectations, with Revenues reaching EUR 363 million and an EBITDA Margin of 16.8%, outperforming initial guidance.
Looking ahead, the 2024-2025 Strategic Outlook forecasts continued organic growth, underpinned by the integration of Perini Navi, strategic partnerships, and a global sales structure. The Company anticipates Revenues between EUR 400-420 million and an EBITDA Margin between 17-17.5% in 2024, with further growth expected in 2025, targeting Revenues between EUR 430-450 million and an EBITDA Margin between 18-18.5%.
The Company’s commitment to maintaining a strong capital structure and a balanced dividend policy is underscored, with objectives including a neutral financial position and an annual dividend reflecting a payout ratio between 40-60% of the Net Income of the Group.
The Italian Sea Group S.p.A. remains dedicated to delivering exceptional value to shareholders while driving sustainable growth in the yachting industry.
Credits: The Italian Sea Group
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