Superyachts Earnings Season

The luxury yacht industry is one of the sectors we have dedicated the most time to over the past four years, and it is also one where we are achieving the best results. You have access to a detailed explanation of how the industry operates, the differences between the main types of players, and individual analyses of European yacht and superyacht companies, along with their corresponding valuation models.

As we have been pointing out for over a year now, within the industry, we are seeing very different dynamics between yachts under 24 meters in length and those over 50 meters. In recent months, the 24-meter threshold has even increased to 30 and, in some cases, 35 meters.

It is important to highlight that Beneteau is included here because it is a French company, but in reality, it competes with and follows the dynamics of U.S. boat manufacturers (Brunswick, Malibu, Mastercraft, Marine Products…). Its sales decline has been significantly steeper than its two other French peers because its target audience is less affluent and much more dependent on financing and interest rates.

Similarly, it is worth noting that Catana and Fountaine Pajot’s fiscal year ends in August, and their boat manufacturing process takes at least six months. This means that their FY24 numbers (shown in the table) are still strong, but the decline is ongoing this FY25—especially considering that, as of March, they have yet to provide formal guidance for the year (with first-quarter sales already down 20%).

Especially interesting in the current situation is Italian Superyacht industry, as both Sanlorenzo and The Italian Sea Group have suffered significant declines this week. The former due to the release of its 2025 guidance, and the latter following its earnings report which we will review in detail.

Today, we analyse their situation in detail (backlog, order intake, sales by region, investments, potential M&A, etc.), as there seems to be a clear buying opportunity in both companies. To this, we add the analysis of Ferretti, the third key player, which has navigated the start of the year much more successfully.

Updated downloadable financial models (DCF) as of today and detailed investment theses on the companies are at your disposal.

Honestly, we believe no other website on the internet offers as much information about the industry and its companies as you’ll find in this website