The Italian Sea Group (TISG) has confirmed it is to begin an analysis of potential companies to acquire following the release of its 2024 financial results.
For the year ending 31 December 2024, TISG had total revenues of €404.4 million, an increase of 11% on 2023 levels. The Group’s net profit was €33.8 million, a decline of 8.2% compared to 2023.
The Group’s financial results for the year ending 31 December 2024 show an EBITDA of €70.3 million, compared to €61.9 million as of December 31 2023.
Revenues of the Shipbuilding division amounted to €364.3 million, up 14.5% compared to €318.2 million recorded during the 2023 financial year.
Revenues of the Refit division amounted to €41.8 million, in line with €41.9 million in 2023.
At the end of 2024, the order book was €1.24 billion.
“Despite the challenging context, we have achieved a new revenue record of €405 million in a sustainable growth path that has led us to improve our profitability while always putting the quality of our yachts first,” said Giovanni Costantino, founder and CEO of TISG.
“During 2024, we delivered unique and innovative solutions to our owners such as the Admiral Platinum 78 meters and Jas 66 meters.
During 2024, we delivered unique and innovative solutions to our owners.
Giovanni Costantino
“2025 will see new iconic launches, from the Admiral 72 meters designed by Giorgio Armani, to an Admiral 78 meters, to the first Admiral Panorama 50 meters as well as the new Perini and Picchiotti yachts that will contribute to the global relaunch of the two brands.”
Giovanni added that although the market has experienced a phase of normalisation after the Covid peak, the Group is very confident for the future due to a growing number of owners searching for increasingly unique solutions.
And he confirmed the Group is to begin a preliminary analysis of potential companies to acquire that complement its core market and linked to the needs of ultra-high net-worth-individuals.
TISG will continue to benefit from a positive trend for luxury yachting, with an increase in demand and a focus on mega and giga yachts over 50 meters due to the increase in the global number of ultra-high net worth individuals.
This customer segment is expected to experience double-digit growth over the next few years.
TISG anticipates that in light of the current order book and ongoing negotiations, a controlled growth in revenues of €410 – 430 million will be seen with an EBITDA margin between 17.5% to 18%.
The shipyard has several mega and giga yachts over 60 meters in length in production, as well as Tecnomar for Lamborghini 63, with deliveries scheduled up to 2027.
