The Italian Sea Group’s (TISG) revenue fell 27% in 2025 to €295.1 million compared to €404.4 million for the 2024 year.
Consolidated net income as of 31 December 2025 was €-170.9 million, declining versus €33.9 million in 2024.
The shipyard is now proposing a capital increase of up to €140 million via a shares issue, with its board of directors warning that material uncertainties remain regarding the company’s ability to continue as a going concern.
The financial results for the shipyard, which incorporates the brands Admiral, Tecnomar, Perini Navi, Picchiotti, NCA Refit, and Celi 1920, were impacted by accounting irregularities which the board of directors identified in February 2026.
The significant cost overruns on yacht construction contracts that were found, have resulted in the progressive depletion of the company’s liquidity, with the company’s net financial position as of 31 December 2025, standing at €-129.6 million versus €12.5 million at 31 December 2024.
Operating revenues
Operating revenues were €282 million, declining by 31% versus 2024, with shipbuilding revenues amounting to €264.9 million as of 31 December 2025, declining by 27% versus €364.3 million recorded in 2024.
Refit revenues were €17.1 million as of 31 December 2025, declining by 59% compared to €41.8 million in 2024.
The order book as of 31 December 2025 was €1.03 billion, compared to €1.24 billion at the end of 2024.
Earnings before interest and taxes (EBIT) was €-141.2 for the 2025 year, down from €57.7 million in 2024.
In its report, the company states that certain members of senior management may have circumvented the applicable authorisation and control procedures, thereby preventing the timely identification of the cost overruns and of the company’s actual financial position.
The company has begun a process to address the crisis which has included a Negotiated Crisis Settlement Procedure and filing for insolvency.
The company is also putting together and implementing a restructuring plan.
