Princess Yachts has reported adjusted EBITDA of £35.9m and operating profit of £17.6m for the year ended 31 December 2025, marking a return to profitability for the British luxury yacht builder.
The 2025 result represents a £60.4m improvement in adjusted EBITDA over two years, from a £24.5m loss in 2023 to a £35.9m profit in 2025. Operating profit improved by £25.7m from an £8.1m loss in 2024, while pre-tax profit reached £9.4m compared with a £17m loss the previous year.
Revenue fell to £321.8m from £378.1m in 2024, reflecting lower production volumes, slower market conditions and a more disciplined approach to matching output with demand. The company says the improvement in profitability was driven by higher gross profit per yacht, tighter cost control and operational changes rather than increased production.
Manufacturing productivity
The results follow the conclusion of Princess Yachts’ transformation programme after its acquisition by KPS Capital Partners in 2023. During 2025, the company focused on manufacturing productivity, quality, procurement, supplier relationships, cost control and commercial performance, alongside greater accountability across its manufacturing operations.
“2025 was a critical year for Princess and these results demonstrate the significant progress we have made in strengthening the company,” said Will Green, chief executive officer of Princess Yachts.
“When you look back to 2023, the scale of that progress is clear. We have moved from an adjusted EBITDA loss of £24.5 million to a profit of £35.9 million in just two years, an improvement of more than £60 million.
“That has come from a relentless focus on improving how we operate across the business: improving manufacturing efficiency, quality and cost control, while matching production more closely to market demand.”
He added: “It has been a disciplined, operationally focused turnaround and these results give us confidence that we have now completed that phase of the journey.”
Lower production volumes
Green said the improvement has continued into 2026, despite lower production volumes.
“In the first half of the year, adjusted EBITDA increased again, despite producing fewer yachts. That is further evidence that we have created a more efficient and resilient business,” he said.
Princess has also continued to invest in its product pipeline. Product development expenditure increased to £12m in 2025 from £10.9m in 2024, supporting a rolling five-year programme targeting three new model launches each year.
During 2025, the builder completed the first F58 and V65, began construction of the all-new X90 and unveiled its new C Class, the first Princess range to be offered with outboard propulsion. The year also saw the unveiling of Odyssey, marking the company’s planned return to the 30m-plus yacht market from 2029.
Turnaround
The all-new X90 made its world premiere at the Cannes Yachting Festival in September 2026, while the C48 Open, the first C Class model, is due to join the Princess line-up at the Fort Lauderdale International Boat Show in October.
“It has been a disciplined, operationally focused turnaround and these results give us confidence that we have now completed that phase of the journey.
“Our focus now is firmly on the future. We continue to invest in our people, our facilities and one of the strongest new-product programmes in our history,” said Green.
“The next phase for Princess is about building on this stronger foundation, delivering sustainable, quality profits and continuing to create the world’s finest yachts whilst delivering an exceptional customer experience for owners around the world.”
