Italy

Celi S.r.l

<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group (TISG)</a> has announced plans to gradually increase activity across its shipyard operations, with the goal of returning to full operations in early June.In a statement issued today (27 May 2026), <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> stated that the shipyard's operational activities will be ‘progressively intensified’, amid the ongoing restructuring process. This follows last week’s announcement that the company’s share capital had fallen below the legal minimum.Read more: <a data-gid="gid://syiq/Article/66150" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="TISG enters restructuring phase after share capital falls below legal minimum (2026-05-22 11:15:00 +0200)">TISG enters restructuring phase after share capital falls below legal minimum</a><img src="https://photo-assets.superyachttimes.com/photo/367061/image/large-152c0f12c19271f70607c9687ef33098.jpg" data-gid="gid://syiq/Photo/367061">According to <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a>, the company aims to reach full operations, starting from the first ten days of June. They stated that a rebalancing process remains underway through previously identified strategic measures, with cash management and operational financial dynamics continuing to be monitored.CEO Giovanni Costantino confirmed that the restructuring process is being developed with the support of top-tier advisors, but also criticised certain trade union organisations, which he described as “superficial” and “provocative” to the situation.&nbsp;“Rather than working together constructively and contributing during such a crucial phase in the life of the company, figures are being cited at random with no understanding whatsoever of the actual business situation,” commented Giovanni Costantino.&nbsp;The company also provided updates on several key projects currently under construction, including the first unit of the new 49.95-metre <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a> Panorama 50M line, <a data-gid="gid://syiq/Yacht/12258" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Spribe50.0m (164'1&quot;)Admiral2026">Spribe</a>, which recently completed sea trials and is scheduled for delivery in the first days of July, and the second hybrid unit, which will be launched in the first ten days of July, with delivery expected in September.Read more: <a data-gid="gid://syiq/Article/64891" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="50m Admiral Yachts Panorama series motor yacht Spribe launched (2025-12-02 15:00:00 +0100)">50m Admiral Yachts Panorama series motor yacht Spribe launched</a><img src="https://photo-assets.superyachttimes.com/photo/379687/image/large-11f9a8770e46f4ce46a8fb5632b8a7c1.jpg" data-gid="gid://syiq/Photo/379687">Meanwhile, the 31-metre <a data-gid="gid://syiq/Article/64789" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="First 31m Tecnomar for Lamborghini 101 yacht moves to outfitting (2025-11-17 15:45:00 +0100)">Tecnomar for Lamborghini 101</a> yacht is currently undergoing the final stages of carpentry works at the Group’s Turkish facilities before being transferred to Italy in mid-June for outfitting. Construction of an additional 88-metre project is also progressing to schedule, with the yacht expected to arrive in Italy in October for completion works.<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> also confirmed progress on its larger custom projects, including recently signed 82-metre and 85-metre builds acquired at the end of 2025. Both projects are currently in the detailed design phase, with keel-laying ceremonies expected to take place between July and September at the Group’s facilities in Turkey.&nbsp;The company added that activities within its refit division have continued without interruption, with operations at <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">CELI 1920</a>, the Group’s interior and cabinetry division, progressing in line with planned schedules.In addition, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> confirmed that it will participate in the 2026 edition of the <a data-gid="gid://syiq/Event/338" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Monaco Yacht Show - 2026">Monaco Yacht Show</a>, scheduled to take place this September.

The Italian Sea Group aims for full operations by June 

TISG has announced plans to gradually increase activity across its shipyard operations, with the goal of returning to full operations in early June.

The Italian Sea Group aims for full operations by June amid company restructuring

Since its formation in 2009, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a> has followed a growth strategy centred on acquisitions and brand consolidation. The <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">group</a>’s initial expansion began with the acquisition of <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a>, followed by <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a> and <a data-gid="gid://syiq/Company/194" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="NCA Refit (Company)">NCA Refit</a>, extending its reach across multiple yacht segments. In 2021, the acquisition of <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi S.p.A.</a>, including the <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a> and <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a> brands, further diversified the portfolio. Alongside brand acquisitions, the <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">group</a> has also invested in supply chain companies such as <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi Interiors.</a>In November 2024, Gianmaria was appointed Chief Commercial Officer, overseeing the <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">group</a>’s commercial activities at a global level, including sales operations across its portfolio of brands. SuperYacht Times sat down with Gianmaria to discuss his entry into the yachting sector and his initial areas of focus at <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>, alongside his perspective on the <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">group</a>’s current position and outlook.<img src="https://photo-assets.superyachttimes.com/photo/386329/image/large-5b57b6cc7647b019165636d2e632aab4.jpg" data-gid="gid://syiq/Photo/386329">From finance to yachting“My background was completely different from the yachting sector. I graduated in economics and finance at Bocconi, and my early career was focused on numbers, first working in private equity in London and then in mergers and acquisitions in Italy,” Gianmaria says.Despite his non-maritime background, he notes that a grounding in finance and economics is directly relevant to his role within the <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">group</a>’s commercial organisation. “Yacht sales involve very high values. Having a strong understanding of budgets, margins and how these yachts are sold is essential. Even without a background in yachting, my experience in finance and economics aligns closely with what I am doing today.” Immediate focus after his appointment at TISGWhen asked about his immediate priorities on joining the <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">group</a>, Gianmaria points to expanding international reach and clarifying brand positioning across the portfolio. “My first focus was to expand the <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">group</a>’s international network,” he says. “At the same time, it was important that each brand had its own identity and clearly defined products, so that clients could understand what distinguishes <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a>, <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a>, <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a> and <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a>.” He notes that this work began earl 2025, citing projects such as the <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a> 53-metre concept and the <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a> for Lamborghini 101, presented at the <a data-gid="gid://syiq/Event/271" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Monaco Yacht Show - 2025">Monaco Yacht Show 2025</a>.Asked how this differentiation is maintained in practice, Gianmaria acknowledges the complexity of managing a multi-brand structure, where overlap can occur. “When you have several brands, the risk of redundancy is always there, both in products and in brand characteristics,” he says.<img src="https://photo-assets.superyachttimes.com/photo/386333/image/large-afa0882c27e8f71d483d79ce693fd7cf.jpg" data-gid="gid://syiq/Photo/386333">He explains that the <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">group</a>’s response has been to define each marque according to clear design, size and usage parameters. <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a> is positioned around sporty yachts in smaller size ranges, including the <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a> for Lamborghini collaboration. <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a>, by contrast, follows a more understated and explorer-oriented approach, with projects such as Exuma and Nautilus and the recent 53-metre concept reflecting a more contemporary interpretation of the brand.<a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a>, he adds, is centred on elegant motor yachts, with the current direction focused on larger custom projects alongside its established semi-custom range. “We currently have a 100-metre <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a> yacht under construction,” Gianmaria notes, adding that the yard’s dry dock allows for projects of up to 140-metres, while the semi-custom line continues across the 40-metre, 50-metre and 55-metre segments.Turning to <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a>, Gianmaria emphasises continuity in the brand’s sailing focus, noting that “<a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a> remains dedicated to sailing yachts, primarily in aluminium or steel and aluminium construction, with projects ranging from 47-metres to 77-metres”.<img src="https://photo-assets.superyachttimes.com/photo/386334/image/large-ce74ea3034cc6e3e079902c522dad150.jpg" data-gid="gid://syiq/Photo/386334">Balancing heritage and innovation at PicchiottiFollowing the acquisition of <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti Yachts</a> in 2022, a brand whose shipbuilding heritage traces back to 1575 in Viareggio, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a> moved to reposition it through the development of a new motor yacht range known as the Gentleman Line, alongside larger-scale concepts.The 24-metre model marks the first vessel in the series, intended to span from 24-metres to 55-metres, developed in collaboration with <a data-gid="gid://syiq/Company/58" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Luca Dini Design & Architecture (Company)">Luca Dini Design &amp; Architecture</a>. Rather than relying solely on renderings, the <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">group</a> chose to introduce the line with a physical yacht. “It was important to launch the line with a real vessel,” Gianmaria says.He explains that presenting a physical yacht allowed the brand’s proportions, spatial logic and on-water performance to be experienced directly, establishing a tangible reference point for this dimension of the <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a> identity.<img src="https://photo-assets.superyachttimes.com/photo/386336/image/large-342beceff93502dbcfafd2d600662bbb.png" data-gid="gid://syiq/Photo/386336">Expanding on the direction established with the Gentleman Line, the <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a> P53 applies the same design philosophy at a larger scale. Conceived as a fully aluminium motor yacht, the model reflects what Gianmaria describes as a sailing-inspired approach to motor yacht design. “The idea behind <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a> motor yachts was to create sailing yachts without the mast,” he says.He presents the P53 as expressing another dimension of the <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a> identity, combining contemporary motor yacht architecture with principles traditionally associated with sailing vessels. In practical terms, this translates into an emphasis on proportion, longitudinal continuity and volumes developed horizontally to reinforce a strong visual relationship with the sea.Design features include a pronounced bow, open beach clubs and fold-down balconies, alongside expansive exterior areas. Aluminium construction and a relatively shallow draught further contribute to operational flexibility across different cruising grounds.<img src="https://photo-assets.superyachttimes.com/photo/386335/image/large-1f8bd4aae5d129499769cf2617ee161d.jpg" data-gid="gid://syiq/Photo/386335">From expansion to consolidationLooking back over the past five years, Gianmaria describes an initial phase of acquisitions followed by a shift towards internal development. One of the most significant steps during that period, he notes, was the gradual increase in ownership and integration of <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi</a>, the <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">group</a>’s interiors specialist.“<a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi</a> was an important step for us,” Gianmaria says. “Beyond the increase in ownership, we invested in restructuring the company and expanding its capacity, which allowed a larger share of interior production to be handled internally.”<img src="https://photo-assets.superyachttimes.com/photo/386331/image/large-9a49d17675cd530154e2543599701e8f.jpg" data-gid="gid://syiq/Photo/386331">Alongside the acquisitions of <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi&nbsp;</a>and <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a>, he explains that recent efforts have focused less on further purchases and more on strengthening how the organisation operates. This has included closer coordination between sales, marketing and research and development, as well as plans to expand dedicated R&amp;D functions.At the headquarters in Marina di Carrara, this shift has also translated into physical expansion, with new areas under development intended to support client engagement and closer collaboration between commercial and technical teams. Collectively, these measures reflect a move towards greater internal integration and verticalisation of the production process.<img src="https://photo-assets.superyachttimes.com/photo/386330/image/large-2f4845c1630591bedb009401d00f975b.jpg" data-gid="gid://syiq/Photo/386330">While Giovanni Costantino continues to oversee the <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">group</a>’s industrial direction, Gianmaria’s remit has centred on refining its commercial structure and brand architecture during this latest phase, reinforcing the transition from acquisitive growth towards a more integrated operating model.

Gian Maria Costantino on expansion and consolidation at TISG

Gian Maria Costantino outlines The Italian Sea Group’s strategic shift from acquisitions to consolidation, brand positioning and internal integration.

From expansion to consolidation: Gianmaria Costantino at The Italian Sea Group

Citing current geopolitical and economic constraints, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a> (TISG) has reported a decline in key financial metrics, as outlined by its Board of Directors in the company’s half-year report. The company’s portfolio includes brands <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a>, <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a>, <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a>, <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a>, <a data-gid="gid://syiq/Company/194" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="NCA Refit (Company)">NCA Refit</a> and <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi 1920</a>.<img src="https://photo-assets.superyachttimes.com/photo/330852/image/large-4bf3eaa2517d3433bc0352c08e9306b0.jpg" data-gid="gid://syiq/Photo/330852">The results revealed a 1.4% decline in revenue compared to the first half of 2024, while net profit fell sharply by 58%, partly due to the previous period benefiting from a capital gain on the sale of the Viareggio shipyard.Commenting on these figures, Founder and CEO of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> Giovanni Costantino stated: “In a context of ongoing geopolitical and economic tensions, the protectionist policies enacted by the U.S. administration – through the introduction of additional import duties – have increased overall uncertainty and further complicated a market environment already undergoing a normalisation phase after the strong growth of recent years.”Below are the key figures to take away from the first half of 2025:<ul><li>Revenue €186.8 million, a decrease of 1.4% compared to €189.4 million in the first six months of 2024</li><li>EBITDA €30.4 million, down 6.3% from €32.4 million in the first half of 2024, with a margin on revenue of 16.3% versus 17.1% in the same period last year</li><li>Net profit €12.2 million, a decline of 58% compared to the first half of 2024, which was boosted by a capital gain from the sale of the Viareggio shipyard</li><li>Net financial position stood at €63.2 million negative, compared to €12 million negative at the end of December 2024</li><li>Investments for the period totalled €1.5 million</li><li>Total order book valued at €1.19 billion as of 30 June 2025</li><li>Guidance update: 2025 revenue expected between €350 million and €370 million, with an EBITDA margin forecasted between 16.5% and 17.0%</li></ul>“In this challenging scenario – characterised by a physiological, though temporary, slowdown in the yachting industry and longer negotiation timelines, particularly for larger yachts – we are satisfied with the regular progress of the many projects currently under construction,” explained Giovanni.Here is a complete summary of&nbsp;<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group’s</a>&nbsp;financial results for the first six months of 2025:RevenuesFor the first half of 2025, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> reported revenues of €186.8 million, representing a slight decrease of 1.4% compared to €189.4 million in the same period of 2024. Operating revenues totalled €183.5 million.Shipbuilding revenues reached €172.6 million, marking a 3% increase year-on-year, which <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> attributes to the steady progress of its ongoing contracts. Meanwhile, refit revenues amounted to €10.9 million, down 52% compared to the first half of 2024, reflecting a strategic focus on shipbuilding activities during the period.EBITDA EBITDA totalled €30.4 million, a decrease of 6.3% compared to €32.4 million in the same period of 2024, with a margin of 16.3%. The modest drop in profitability reflects a higher proportion of fixed structural costs, stemming from the lower production value recorded during the period.EBITEBIT stood at €25.6 million, down 4.5% compared to €26.8 million in the same period of 2024, with a margin on revenue of 13.7%.Net ProfitThe company also reported a group net profit amounting to €12.2 million, a decline of 58% versus €36.9 million in the first half of 2024. The report noted that the previous year’s result was boosted by a capital gain from the sale of the Viareggio shipyard.BacklogAs of 30 June 2025, the total order book, which represents the gross value of existing contracts for new yachts and refit projects yet to be delivered, stood at €1.19 billion, slightly down from €1.24 billion at 31 December 2024.The net backlog, which reflects the value of contracts for yachts not yet delivered, after deducting revenues already recognised in the income statement, was €362.3 million as of 30 June 2025, compared to €433.4 million at 31 December 2024.Investments<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> has made substantial investments in recent years to further internalise several high value-added production services, including steelwork and upholstery. During the first half of 2025, ordinary and extraordinary maintenance investments totalled €1.5 million.Net Financial PositionAs of 30 June 2025, the net financial position reflected net debt of €63.2 million, compared with €12.5 million at 31 December 2024 and €33 million at 31 March 2025. This change reflects the company’s operating results for the first half of the year, the distribution of €13 million in dividends and the investments undertaken during the period.In line with IAS/IFRS accounting standards, the net financial position also factors in the present value of concession fees payable to the Port Authorities for the shipyards in Marina di Carrara and La Spezia, as well as the Viareggio carpentry site. These fees totalled €7.5 million as of 30 June 2025 and will be settled over the respective concession periods.In June, the company secured a new €115 million medium-to-long-term loan with a seven-year term. This financing was accompanied by the repayment of all major existing loans at the time, effectively extending the average debt maturity under more favourable terms and ensuring sufficient resources to capitalise on an anticipated market recovery.Outlook for 2025The opening half of the year brought heightened uncertainty previously experienced in 2024. Alongside continued geopolitical unrest, most notably the ongoing war in Ukraine and worsening conflict in the Middle East, April also saw the implementation of new protectionist trade measures by the U.S. government.Given the current order book and progress on ongoing projects, the company now expects 2025 revenue to range between €350 million and €370 million, down from the earlier forecast of €410 million to €430 million. Profitability is projected at 16.5%–17.0%, compared with the previous guidance of 17.5%–18.0%.Against the backdrop of heightened market uncertainty and shifting global dynamics, Giovanni remarked: “Activity at our shipyards remains consistent, supported by meticulous organisation and ongoing enhancements to production processes. This has enabled us to deliver four large yachts during the period: three Admirals of 55, 66 and 78 metres and a 60-metre Perini Navi.”Expected Business Development<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a> anticipates a positive outcome from ongoing negotiations for large yacht sales, reflecting growing demand for its brands. Strategic partnerships with <a data-gid="gid://syiq/Company/558" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Armani/Casa (Company)">Armani</a> and Automobili Lamborghini continue to strengthen, with new projects underway to reinforce the company’s position in the ultra-luxury segment.At the <a data-gid="gid://syiq/Event/271" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Monaco Yacht Show - 2025">Monaco Yacht Show 2025</a>, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> will debut several flagship models, including the 72-metre <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a> <a data-gid="gid://syiq/Company/558" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Armani/Casa (Company)">Giorgio Armani</a>, a 60-metre <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a> sailing yacht, two <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a> yachts (78-metre full custom and 55-metre semi-custom) and a new 24-metre <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a>. These unveilings are expected to boost international visibility and drive commercial activity.The company is also advancing its semi-custom product line to broaden its offering, optimise production, improve margins and reduce delivery times, while preserving the craftsmanship and exclusivity that define its reputation.“We expect current negotiations to be finalised by the end of the fiscal year. The strength of our offering and the relationships we have built over time with increasingly informed international customers, together with our design excellence and tailor-made attention to detail, remain the key features of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a> brands,” Giovanni concluded.

TISG revenue decline h1 2025

The Board of Directors of the Italian Sea Group (TISG) has released the company’s financial results for the first half of 2025.

The Italian Sea Group reports revenue and profit decline in H1 2025

<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group (TISG)</a> has approved the financial results for the first nine months of 2024, revealing another positive quarter for the company which encompasses brands such as <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a>, <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a>, <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a>, <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a>, <a data-gid="gid://syiq/Company/194" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="NCA Refit (Company)">NCA Refit</a>, and <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi</a> 1920.<img src="https://photo-assets.superyachttimes.com/photo/330852/image/large-f30b583ba740d9f9311d4417a62c6d38.jpg" data-gid="gid://syiq/Photo/330852">Key figures to take away from the first nine months of 2024<ul><li>Revenues equal to €292 million, an increase of 11.4% compared to the first nine months of 2023</li><li>EBITDA equal to €50.1 million, a 16% increase from the first nine months of 2023</li><li>Net Financial Debt equal to €19 million</li><li>Investments for the period equal €7.2 million</li><li>The total value of contracts in progress (order book) is equal to €1.275 million as of September 30th, 2024.</li><li>Filippo Menchelli appointed as new Chairman of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a></li></ul>“Following the excellent response obtained last September at the Monaco Yacht Show with the presentation of superyachts featuring extremely refined aesthetics and an excellent level of quality, we are working to finalise some important negotiations between the end of 2024 and the beginning of 2025, which will give us further momentum to consolidate the 2025 guidance,” commented Giovanni Costantino, Founder and CEO of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>.Below is a full breakdown of the financial results for <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> for the first nine months of 2024:<img src="https://photo-assets.superyachttimes.com/photo/278853/image/large-c6f79c6d72278113ba8eaca84ce952e0.png" data-gid="gid://syiq/Photo/278853">RevenuesThroughout the first nine months of 2024, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> recorded €292 million in revenues, an 11.4% increase from the previous year’s figure of €262.2 million for the same period. In regards to its operating revenues, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> saw an increase of 12.5% from 2023, for a total of €292.1 million.&nbsp;On top of this, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> reported a 12.2% increase in shipbuilding revenue for the first nine months of 2024, compared to 2023, with a total of €257.3 million. TISG states that this result is attributable to the regular progress of its existing projects.<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> also saw a total refit revenue of €34.8 million for the first nine months of 2024, an increase of 5.8% compared to the same period in 2023.<img src="https://photo-assets.superyachttimes.com/photo/224771/image/large-6c9943bfc855a363fdae0848683c74e8.jpg" data-gid="gid://syiq/Photo/224771">EBITDA<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a> has reported an EBITDA equal to €50.1 million for the first nine months of 2024, up by 16% from the €43 million which was recorded for the same period in 2023 – giving them an EBITDA margin of 17.2% overall.<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> stated that the increase in operating margin over time is attributable to the company’s strong focus on operating cost management, as well as its improved efficiency in production processes.&nbsp;They added that benefits from its investment strategy in production capacity, with an optimal mix of synergies between shipbuilding and refit activities, had also contributed, alongside economies of scale. <img src="https://photo-assets.superyachttimes.com/photo/299411/image/large-0c278c95831829aaa8d38b96eac3721f.png" data-gid="gid://syiq/Photo/299411">Backlog<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> announced that the total value of its order book amounts to €1.275 million. This total takes into account the gross value of existing contracts related to new yachts and refit projects, which as of 30 September 2024, have not yet been delivered to clients.The total value of existing contracts for yachts not yet delivered to clients and the net revenues already recorded in the income statement (net backlog) is equal to €544 million.<img src="https://photo-assets.superyachttimes.com/photo/306419/image/large-176fab6ecaa60429a5acce58ec5da4d6.jpg" data-gid="gid://syiq/Photo/306419">InvestmentsDuring the first nine months of 2024, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> made investments of €7.2 million, aimed at further internalising the high value-added phases of the production process through the creation of the business unit dedicated to interior steelworks.This also included investments into the general site, as well as the expansion of the sales offices at the Marina di Carrara headquarters. In total, investments made in the third quarter of the year amounted to €2.2 million.<img src="https://photo-assets.superyachttimes.com/photo/278854/image/large-10473eb6d3fdc1c0fbd3a7cdaa4e5d83.jpg" data-gid="gid://syiq/Photo/278854">Net financial debtAs of 30 September 2024, the total net financial debt is equal to €19 million, versus a net financial debt of €1.5 million as of 31 December 2023. This reflects that a cash out of €19.6 million &nbsp;for the payment of dividends was made, alongside investments of €7.2 million for the first nine months of 2024 and a receipt of €21 million for the sale of the Viareggio shipyard.&nbsp;Read: <a data-gid="gid://syiq/Article/60721" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="TISG finalises sale of Viareggio shipyard to Next Yacht Group for €21 million (2024-06-12 13:15:00 +0200)">TISG finalises sale of Viareggio shipyard to Next Yacht Group for €21 million</a>In accordance with IAS/IFRS accounting standards, the net financial position includes the discounted value of the fees due to the Port Authorities for the state-owned concessions of the Marina di Carrara, La Spezia and Viareggio shipyards, which, as of 30 September 2024, amounted to €8.2 million, to be paid according to the duration of the relevant concessions.During the first nine months of 2024, the production activities of ongoing orders resulted in a working capital utilisation of €14 million, which allowed for significant work progress.<img src="https://photo-assets.superyachttimes.com/photo/337396/image/large-f73639c0abcbaeec45ac1e165d7b930f.png" data-gid="gid://syiq/Photo/337396">New chairman of The Italian Sea GroupFollowing the resignation of Simona Del Re as Chairwoman of the Board of Directors at <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group (TISG)</a> the company has announced the re-appointment of Filippo Menchelli as the new Chairman.After receiving a favourable opinion from the Appointments and Remuneration Committee, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> resolved to co-opt Filippo Menchelli onto the Board of Directors. In accordance with Article 2386 of the Italian Civil Code, he will be appointed as Chairman of the Board of Directors of the Company during the next Shareholders Meeting.Read: <a data-gid="gid://syiq/Article/61992" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Filippo Menchelli appointed as new Chairman of The Italian Sea Group (2024-11-13 16:15:00 +0100)">Filippo Menchelli appointed as new Chairman of The Italian Sea Group</a><img src="https://photo-assets.superyachttimes.com/photo/297415/image/large-b1791589f6806d87887224b91de9c63c.jpg" data-gid="gid://syiq/Photo/297415">Business outlook for 2024-2025Following the success achieved last September at the <a data-gid="gid://syiq/Event/224" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Monaco Yacht Show - 2024">Monaco Yacht Show 2024</a>, with the 65.9-metre <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a> superyacht <a data-gid="gid://syiq/Yacht/9447" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="JAS65.9m (216'2&quot;)Admiral2025">JAS</a> and the 78.29-metre <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a> superyacht <a data-gid="gid://syiq/Yacht/8722" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Platinum78.29m (256'10&quot;)Admiral2024">Platinum</a>, the company is working on several negotiations for large yachts, which it believes will be finalised between late 2024 and early 2025.“The success of the semi-custom lines also continues, including the Panorama project and the <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a> Quaranta project; of the latter, at the end of October the keel-laying ceremony of the first motoryacht under construction was held, the sale of which was completed in the first half of 2024 and which marked an important development for <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>'s fleet,” added Giovanni Costantino.

TISG reports 11.4% revenue growth in Q3 2024

TISG has approved the financial results for the first nine months of 2024, revealing another positive quarter for the company.

The Italian Sea Group reports 11.4% revenue growth in Q3 2024

The Board of Directors of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>, encompassing brands such as <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a>, <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a>, <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a>, <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a>, <a data-gid="gid://syiq/Company/194" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="NCA Refit (Company)">NCA Refit</a>, and <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi 1920</a>, has released their half-year financial report. <img src="https://photo-assets.superyachttimes.com/photo/299411/image/large-0c278c95831829aaa8d38b96eac3721f.png" data-gid="gid://syiq/Photo/299411">In the first half of 2024, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a> (<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a>) reported consolidated revenues of &nbsp;€189.4 million, marking a 14.2% increase from €165.9 million in the corresponding period of 2023. Operating revenues also rose to €189.8 million, up 16.8% from the previous year.&nbsp;The breakdown reveals that shipbuilding revenues reached €167.1 million, a growth of 20.1%, driven by steady advancements in ongoing projects. Meanwhile, refit revenues stood at €22.6 million, consistent with the previous year's figures. It is noteworthy that refit revenues typically experience seasonal fluctuations, often accelerating in the latter half of the year.The total value of the order book for <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a>, encompassing both new yacht constructions and refit projects yet to be delivered, stands at &nbsp;€1.323 billion. This figure represents the gross value of existing contracts in the shipbuilding and refit sectors. Additionally, the net value of contracts for yachts not yet delivered to clients, after accounting for revenues already recognised in the income statement (net backlog), amounts to €611.4 million.<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)"><img src="https://photo-assets.superyachttimes.com/photo/306419/image/large-176fab6ecaa60429a5acce58ec5da4d6.jpg" data-gid="gid://syiq/Photo/306419"></a><a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> reported an Earnings Before Interest, Taxes, and Amortization (EBITDA) of €32.4 million in 2024, a 19% increase from €27.3 million in the prior year. The EBITDA margin improved to 17.1% from 16.4% in the previous year. This enhancement in operating margin is attributed to rigorous operating cost management, strategic balancing of shipbuilding and refit activities, and the internalisation of high value-added production processes. These improvements follow the recent establishment of a business unit dedicated to steelworks for interior finishing.<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> reported an Earnings Before Interest and Taxes (EBIT) of €26.8 million this year, reflecting a 23.5% increase from €21.7 million recorded during the same period in 2023 . The margin on revenues also improved, reaching 14.2% compared to 13.1% in the first half of 2023.A net result of €29 million was achieved, marking a substantial increase of 113.4% compared to €13.6 million in the corresponding period of 2023.In terms of strategic projections, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> anticipates revenues to range between €400 million and €420 million, with an EBITDA margin expected to be between 17% and 17.5%.<img src="https://photo-assets.superyachttimes.com/photo/297415/image/large-b1791589f6806d87887224b91de9c63c.jpg" data-gid="gid://syiq/Photo/297415">Giovanni Costantino, Founder &amp; CEO of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>, remarked: “Our positive trend continues and the first half of 2024 marks a significant increase in revenues and EBITDA, with a remarkable growth in Net Profit. We are also very proud of having received the admission to the STAR segment, an important milestone which confirms the company's compliance with stringent requirements in terms of transparency, governance, communication and economic-financial soundness, values that <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> has always pursued with determination. This milestone will allow us to strengthen our visibility in the international financial markets, as well as our commitment to shareholders and all stakeholders.”

The Italian Sea Group reports 14% increase in total revenue for H1

The Board of Directors of The Italian Sea Group has officially reviewed and approved the half-year financial report as of 30th June 2024.

The Italian Sea Group reports 14% growth in total revenue for H1

The Board of Directors of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a> (<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a>), a leading yacht builder based in Marina Di Carrara and encompassing brands such as <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a>, <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a>, <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a>, <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a>, <a data-gid="gid://syiq/Company/194" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="NCA Refit (Company)">NCA Refit</a>, and <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi 1920</a>, has officially reviewed and approved the preliminary consolidated financial results as of May 15th, 2024. <img src="https://photo-assets.superyachttimes.com/photo/299411/image/large-0c278c95831829aaa8d38b96eac3721f.png" data-gid="gid://syiq/Photo/299411"><a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> reported revenues amounting to €95.6 million, marking a notable increase of 12.2% compared to €85.2 million in the corresponding quarter of 2023. The company also observed a significant rise in EBITDA, which grew by 16.6% to reach €16.1 million, up from €13.8 million in the first quarter of the previous year. The EBITDA margin has shown improvement, stabilising at 16.8%, compared to 16.2% in the same period of 2023.Shipbuilding revenues were particularly strong at €86.7 million, reflecting a 26.2% increase over the prior year, driven by the steady progress of ongoing construction projects and new sales contracts. However, refit revenues slightly declined to €9.1 million due to the higher allocation of production capacity to shipbuilding.The total value of the order book as of March 31, 2024, stood at €1,344 million, with the net backlog (value of contracts for yachts pending delivery net of recognised revenues) reaching €667.4 million.There are 35 projects under construction: 25 yachts and 10 <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a> for Lamborghini 63, with deliveries scheduled until 2027.<img src="https://photo-assets.superyachttimes.com/photo/276845/image/large-89bdd037be0ad035cf382cde4c424bad.jpg" data-gid="gid://syiq/Photo/276845"><a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> also reported a net financial position of negative €25 million, a significant shift from a positive stance of €2 million as of December 31, 2023. This transition primarily reflects the financial implications of a substantial extension in the state concession for the Marina di Carrara shipyard. According to IAS/IFRS accounting standards, the extension—stretching the concession period from December 31, 2043, to December 31, 2072—necessitated adjustments to the Net Financial Debt, incorporating an additional €8 million for the current valuation of anticipated future fees.<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> has also entered into an agreement with <a data-gid="gid://syiq/Company/6336" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Kitson Yachts (Company)">Kitson Yachts</a>, designating the Yachting Family Office as an "Authorised Sales Agency" for the American market. <img src="https://photo-assets.superyachttimes.com/photo/112607/image/large-8cf16f6fca69e81b2b7760622e8a35c7.jpg" data-gid="gid://syiq/Photo/112607">Following a robust first quarter, characterised by steady progress on ongoing projects and an anticipated increase in order intake for the second half of the year, The Italian Sea Group reaffirms its financial projections for 2024. Initially disclosed during the Capital Markets Day, the company forecasts year-end revenues to be between €400 million and €420 million, with an EBITDA margin expected to be between 17% and 17.5%. Additionally, at the same event on February 7th, The Italian Sea Group presented its strategic vision for 2025. The company projects continued growth, with revenues expected to range from €430 million to €450 million and an EBITDA margin set to expand to between 18% and 18.5%.<img src="https://photo-assets.superyachttimes.com/photo/297415/image/large-b1791589f6806d87887224b91de9c63c.jpg" data-gid="gid://syiq/Photo/297415">Giovanni Costantino, Founder &amp; CEO of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>, commented: “I am very proud of the results we approve today, which confirm the moment of development and consolidation that our Group is experiencing. The increasing appreciation of our superyachts from Owners all over the world and the success of semi- custom lines, which let us optimise our production capacity, allow us to enhance the quality and visibility of our order book. We continue our expansion in the most dynamic areas of the world for luxury yachting, attracting an ever- increasing and more resilient clientele also due to the important partnerships with leading sector brokers.”

TISG reports revenues of up €95.6 million for Q1 2024

The Board of Directors of TISG has officially reviewed and approved the preliminary consolidated financial results as of May 15th, 2024.

TISG reports 12% revenue increase for Q1 2024 to €95.6 million

The Board of Directors of The <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">Italian Sea Group</a>, a leading yacht builder based in Marina Di Carrara and encompassing brands such as <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a>, <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a>, <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a>, <a data-gid="gid://syiq/Company/350" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Picchiotti (Company)">Picchiotti</a>, <a data-gid="gid://syiq/Company/194" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="NCA Refit (Company)">NCA Refit</a>, and <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi 1920</a>, has officially reviewed and approved the preliminary consolidated financial results as of 31 December 2023.<img src="https://photo-assets.superyachttimes.com/photo/299411/image/large-0c278c95831829aaa8d38b96eac3721f.png" data-gid="gid://syiq/Photo/299411">The <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">Group</a> has reported a substantial increase in total revenues, reaching €364 million, a notable 24% growth compared to €295 million in the previous year. This surge in revenue can be primarily attributed to new sales contracts and the advancement of existing orders.The total value of the order book, which encompasses the gross value of contracts for yachts pending delivery to clients (including both shipbuilding and refit segments), stood at €1,265 million as of December 31, 2023.&nbsp;Additionally, the net value of these existing contracts, after accounting for revenues already recognised in the income statement (net backlog), amounted to €609 million. This net backlog offers a clear view into the company's future revenue streams and operational pipeline, further solidifying its financial stability and growth trajectory.&nbsp;The preliminary EBITDA for the same period was reported at €61 million, marking a significant enhancement from the €47 million recorded at the end of 2022. The EBITDA margin also saw an improvement, rising to 16.8% from 15.9%.&nbsp;The company's financial performance as of December 31, 2023, revealed a Preliminary Net Financial Position of €2 million, shifting from a negative position of €11 million at the end of 2022. This improvement in financial status reflects several key financial activities throughout the year: a €14.4 million expenditure on dividend distributions, the aforementioned investments totaling €10 million, and the sale of an office building within the Viareggio shipyard, which resulted in a net cash inflow of €10.6 million.&nbsp;The Strategic Outlook for 2024-2025 anticipates considerable organic growth, leveraging the <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">Group</a>'s robust infrastructure and the synergistic integration of <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a> and its assets. This growth is further supported by strategic partnerships with luxury brands and a comprehensive sales network that spans globally. The <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">Group</a> has set ambitious growth targets, aiming for revenues in the range of &nbsp;€400-420 million and an EBITDA Margin of 17-17.5% for 2024. For 2025, the revenue forecast is set between &nbsp;€430-450 million, with an expected EBITDA Margin of 18-18.5%. <img src="https://photo-assets.superyachttimes.com/photo/278854/image/large-10473eb6d3fdc1c0fbd3a7cdaa4e5d83.jpg" data-gid="gid://syiq/Photo/278854">Giovanni Costantino, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a>’s Founder &amp; CEO, commented: “2023 has been a challenging yet satisfying year. Our return to the <a data-gid="gid://syiq/Event/182" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Monaco Yacht Show - 2023">Monaco Yacht Show</a>, the important deliveries, and the development of new, exciting projects for our brands have represented an additional step for the <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">Group</a>’s growth, which is now an established reference point in luxury yachting.&nbsp;Once again, we have respected and exceeded the market’s expectations, with revenues reaching €363 million and an EBITDA Margin of 16.8%, beyond the guidance we announced at the beginning of last year. We also recorded a positive Net Financial Position, despite a rewarding dividend policy and the investments made for the integration of a company like <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi 1920</a>, for which we have interesting perspectives.&nbsp;With seven yacht launches, six of which we will deliver, 2024 promises to be a year full of new challenges and exciting opportunities for development, which I am sure we will be able to overcome and face in the best way.”

The Italian Sea Group reports  24% growth in total revenues

The Italian Sea Group has officially reviewed and approved the preliminary consolidated financial results as of 31 December 2023.

The Italian Sea Group reports 24% growth in total revenues

Over the past three years, the landscape of the Italian superyacht construction industry has undergone a profound transformation, catalysed by the global Covid-19 pandemic in 2020. The pandemic not only fuelled demand for Italian superyachts, with many ultra-high net worth individuals (UHNWIs) seeking an escape, but also exposed vulnerabilities in the supply chain. In response, major Italian superyacht builders have embraced a strategy of vertical integration since 2022, acquiring suppliers to fortify their supply chains and ensure uninterrupted production capacity.As of 11 January 2024, the key companies leading the Italian superyacht sector in terms of unit output are <a data-gid="gid://syiq/Company/6046" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Azimut-Benetti Group (Company)">Azimut-Benetti Group</a>, <a data-gid="gid://syiq/Company/4876" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ferretti Group (Company)">Ferretti Group</a>, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a> and <a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a>. According to <a href="https://sytiq.superyachttimes.com/" rel="noopener noreferrer" target="_blank" title="">SYT iQ</a>, out of the current 367 30-metre plus superyachts in-build, these four companies have a combined total of 243 superyachts in-build. This impressive figure represents around 66% of all yachts currently under construction in the Italian superyacht sector.<img src="https://photo-assets.superyachttimes.com/photo/298784/image/large-72edcf5b0f4ac812cda7ad817d6243a8.png" data-gid="gid://syiq/Photo/298784">Despite initial setbacks in 2020, the Italian superyacht sector exhibited a remarkable recovery, as evidenced by <a href="https://sytiq.superyachttimes.com/" rel="noopener noreferrer" target="_blank" title="">SYT iQ</a>'s data showing a significant increase in sales: 188 new yachts over 30-metres were sold in 2021, compared to just 67 in 2020. This surge in new build projects, particularly noted among leading shipyards, necessitated swift adaptations to the supply chain to meet the heightened demand attributed to the Covid-19 pandemic.<img src="https://photo-assets.superyachttimes.com/photo/298783/image/large-4c6dc274ecd7dfe671f3198fc2e02c3d.png" data-gid="gid://syiq/Photo/298783">Ferruccio Rossi, <a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo&nbsp;</a>General Manager and President of Superyacht division, confirms the impact Covid-19 had on the supply chain pointing out that: “Covid highlighted the vulnerability of global supply chains and at the same time generated a number of challenges, including reduced production capacities, instability in international transportation and limited availability of certain materials. Addressing these challenges has become crucial to ensure business continuity and meet market demand. The acquisition of companies in the supply chain was a strategic move to mitigate the negative impacts of the pandemic”. <img src="https://syt-store-production.s3.eu-west-1.amazonaws.com/photo/298557/image/large-f2e80e39108e4bea63e6898484232afb.jpeg?X-Amz-Algorithm=AWS4-HMAC-SHA256&amp;X-Amz-Credential=AKIA52TLVJASOPFTPHWY%2F20240112%2Feu-west-1%2Fs3%2Faws4_request&amp;X-Amz-Date=20240112T161648Z&amp;X-Amz-Expires=900&amp;X-Amz-SignedHeaders=host&amp;X-Amz-Signature=dd0d56e57c0682f0f023fb332293a3058804150152edbf6fb014ecc25041ab7e" data-gid="gid://syiq/Photo/298557">When elucidating the strategic implications of <a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a>'s acquisitions, Rossi emphasises that these moves strengthened operational resilience by increasing control over key segments of the supply chain. Additionally, Rossi notes that increased vertical integration provides flexibility to adapt quickly to global changes and reduces dependence on external suppliers.&nbsp;In offering his perspective on this latest development in the Italian superyacht sector and its implications, Vincenzo Poerio, President of <a data-gid="gid://syiq/Company/1661" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tankoa Yachts S.p.A. (Company)">Tankoa</a> Yachts, identifies two primary reasons. “First, <a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo</a>, <a data-gid="gid://syiq/Company/4876" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ferretti Group (Company)">Ferretti&nbsp;</a>and <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a> are listed on the stock exchange, and publicly traded companies are under constant shareholder pressure to grow and to increase their overall size and revenue. Moreover, acquiring some of their suppliers has had a double advantage: first and foremost these firms have been able to push the firms that they acquired into producing mainly, or even exclusively for them. An effect of these acquisitions is that these firms have increased their production output. The second reason is that it was not easy to find suppliers during the pandemic, and large shipyards have chosen to buy them to guarantee a workforce in key activities and also prevent the suppliers from working for their competitors”. <img src="https://photo-assets.superyachttimes.com/photo/226017/image/large-b7a066e3157a0684982841a6f5d205e2.jpg" data-gid="gid://syiq/Photo/226017">Marco Arnaboldi CEO of <a data-gid="gid://syiq/Company/6700" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Centouno Navi (Company)">CENTOUNONAVI</a> posits a similar view point stating that: “I perceive it as a strategic necessity for companies to manage their suppliers actively, at times aiming to limit competitors rather than solely enhancing their own strength. In the current landscape, challenges persist in supply chains, including issues with sourcing building materials. Companies listed on the stock market engaging in acquisitions often experience an increase in their stock value, demonstrating the market's positive response to their strategic moves”.As for <a data-gid="gid://syiq/Company/6046" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Azimut-Benetti Group (Company)">Azimut-Benetti Group</a> which remains the only private company of the top four firms, they have adopted a distinct strategy in their relationship with their suppliers. They have continued to work without acquiring their suppliers and continue to collaborate with their main suppliers. Being large firms, they provide large volumes of work to their suppliers, and this helps forge favourable long term agreements. According to Poerio, this option as ideal for private firms that don't pursue vertical growth through acquiring suppliers to demonstrate larger sales. <img src="https://photo-assets.superyachttimes.com/photo/113484/image/large-8103458f97b31a7c19645284bbcfbb8a.jpg" data-gid="gid://syiq/Photo/113484">Moreover, Poerio underscores the significance of cultivating robust and meaningful relationships between shipyards and suppliers. This emphasis is crucial not only to secure ongoing work for the suppliers, but also to ensure a continuous and seamless collaboration. “This is also important because a strong partnership means using the same skilled workforce and therefore improves the quality of the products. I am firmly convinced that the shipyard that acquires suppliers creates a challenging dynamic in the relationship. In fact, in order to produce good quality products, suppliers need to achieve maximum efficiency and quality of their products. If the owner becomes the main client, the supplier can be easily forced to do what the parent company requests. It can potentially become a conflictual and skewed relationship. When the supplier is owned by the client, it often results in an unnatural relationship. It is important to encourage suppliers to develop their own autonomy &nbsp;and ability to deal with the commercial side of the business".<img src="https://photo-assets.superyachttimes.com/photo/295946/image/large-5fbd2c3349d9f4d1ab09904a50efd24d.jpg" data-gid="gid://syiq/Photo/295946">In an article featured in <a href="https://www.superyachttimes.com/yacht-news/chris-bizzio-ceo-of-iacomelli" rel="noopener noreferrer" target="_blank" title="">Issue 3 of How To Build It</a>, Chris Bizzio, CEO of <a data-gid="gid://syiq/Company/7419" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Iacomelli (Company)">Iacomelli</a>, puts forward a similar viewpoint on the potential long-term impact these series of acquisitions can have on the supplier-shipyard relationship. Bizzio, who took over the steel manufacturer in 2020, stands strong in the decision to remain independent, asserting that: “We strive to develop unique solutions that best answer our customers’ needs. I see that shipyards are taking over key suppliers, but after a while these suppliers stop innovating because they are absorbed by the 'system'. We are free to explore different aspects of our business and to find out-of-the-box solutions. Some may think the share of the pie is getting smaller, but when you’re able to find bespoke solutions for your customers, you have a new market open to you”.As for the ramifications on shipyards in Italy with a comparatively lower output, Poerio elucidates that shipyards are compelled to “collaborate with various suppliers or, even better, bring some aspects of the supply chain ‘in house’. Consequently, they face challenges such as higher energy bills, increased demands on space and facilities, the need for additional capital to invest in machinery, and expanded spatial requirements. Alternatively, another strategy also involves fostering improved relationships with firms operating in different sectors and persuading them to venture into the nautical sector”.<img src="https://photo-assets.superyachttimes.com/photo/298552/image/large-7852cafec36587fb5fa33772c6d2e93d.jpeg" data-gid="gid://syiq/Photo/298552">The question of whether the main shipyards will persist in acquiring suppliers remains uncertain, given that superyacht shipyards operate with a finite clientele and must consider sustainable growth. What is clear, however, is that these major shipyards have already achieved significant consolidation and are poised to maintain dominance in the superyacht output. It will be intriguing to observe how other shipyards in the Italian superyacht sector will respond to these acquisitions. <img src="https://photo-assets.superyachttimes.com/photo/265932/image/large-01b08e3d1324671c97486224c5953a4d.jpg" data-gid="gid://syiq/Photo/265932">List of recent acquisitions in the Italian Superyacht Sector in the past two years:&nbsp;<a data-gid="gid://syiq/Company/374" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Sanlorenzo (Company)">Sanlorenzo:</a>• 48% Stake in Metal Carpentry Firm <a data-gid="gid://syiq/Company/5083" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="MEC-Carpensalda (Company)">Mec-Carpensalda</a> (11/04/22).• 66% Stake in Duerre Furnishings Company: Initial stake acquisition of 33% on 29/04/22; Expanded acquisition of another 33% on 02/05/23, showcasing a progressive investment in the furnishings sector.• 49% Stake in Seaenergy (28/03/23), a company specialising in electronics and electrical systems for the yachting sector.• 100% Stake/Ownership of Arbatax.<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>:• Acquisition of Furniture Company <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi</a> (18/04/23).<a data-gid="gid://syiq/Company/4876" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Ferretti Group (Company)">Ferretti Group</a>:• Acquisition of Masello, a company experienced in wooden furniture for yachts). •&nbsp;<a data-gid="gid://syiq/Company/7073" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Fratelli Canalicchio (Company)">Fratelli Canalicchio</a> (29/09/22), a company specialised in static exteriors and automatic kinetic systems for yachts.

Why are Italian shipyards acquiring supply chain companies?

Major Italian superyacht builders have embraced a strategy of vertical integration since 2022.

The Board of Directors of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>, the Italy-based yacht builder headquartered in Marina Di Carrara, has reviewed and officially approved the financial results for the first nine months of 2023.<img src="https://photo-assets.superyachttimes.com/photo/278854/image/large-f16a76d3516de723d34619758ea35d80.jpg" data-gid="gid://syiq/Photo/278854">The <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">Group</a> has demonstrated robust financial performance, reporting revenues of &nbsp;€262.2 million. This represents a substantial 25 percent increase compared to the same period in 2022, where revenues stood at €210.3 million. The company's EBITDA reached €43.2 million, reflecting an impressive growth of 31 percent from €33 million in the first nine months of 2022. Notably, the margin on revenues also showed positive momentum, reaching 16.5 percent compared to the 15.7 percent recorded in the corresponding period of 2022.&nbsp;Additionally, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a>'s net financial position underwent a notable shift, with net financial debt totaling €31 million, an increase from €11.3 million since December 31st, 2022. Investments during this period amounted to €8.8 million. Furthermore, the company's Order Book, representing the total value of contracts in progress, stood at €1,306 million as of September 30th, 2023.Giovanni Costantino, Founder &amp; CEO of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>, commented: “I am extremely satisfied with what we have achieved in the first nine months of the year, as a confirmation of the solidity of our business model and the resilience of our reference segment. We have received extremely positive feedback from our return to the <a data-gid="gid://syiq/Event/182" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Monaco Yacht Show - 2023">Monaco Yacht Show</a>, and we will continue to invest to carry out the projects and the deliveries we have in the pipeline. Our big Team’s innovative ideas and skills, together with our intense passion for what we do, allow us to overcome even the most complex of challenges, always paying attention to the respect of quality, timing, and care for details, fundamental pillars of our business model.”<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> reported revenues totalling €262.2 million, marking a substantial 25 percent increase compared to the same period in 2022, where revenues stood at €210.3 million. Operating revenues, specifically amounting to €259.5 million, demonstrated a noteworthy growth of 22.2 percent over the corresponding period in 2022.&nbsp;<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Group</a>'s EBITDA stands at €43.2 million, reflecting a 31 percent increase compared to the €33 million recorded in the corresponding period of 2022. This growth is accompanied by an EBITDA margin of 16.5 percent, showcasing the company's strong operational performance and efficiency.The Order Book, representing the gross value of contracts for new yachts and refit projects yet to be delivered, reached a substantial €1,306 million as of September 30th, 2023, encompassing both Shipbuilding and Refit. The Net Backlog, considering existing contracts for yachts not yet delivered to clients and adjusting for revenues already recorded, stands at €647.5 million in the same period and segments.&nbsp;Furthermore, the company is actively managing 36 orders in progress, including 24 superyachts and 12 <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a> for Lamborghini 63s, with scheduled deliveries extending until 2028. This diverse and ambitious portfolio underscores the company's commitment to excellence and sustained growth in the luxury yachting sector.<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> investments have totaled €8.8 million. This financial allocation was directed towards various strategic initiatives, including the fulfilment of investment plans "<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> 4.0" and "<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> 4.1," the development of the La Spezia shipyard under "<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> 4.2," the expansion of commercial offices at the Marina di Carrara Headquarters, and targeted interventions in the warehouses and offices of its woodworking subsidiary, "<a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi S.r.l</a>." Notably, during the third quarter alone, a dedicated portion of these investments has amounted to 2.7 million Euros, demonstrating a focused commitment to ongoing and impactful ventures.With the end of the year approaching, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> will have carried out the delivery of three large yachts, including: the 47-metre <a data-gid="gid://syiq/Company/51" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Perini Navi (Company)">Perini Navi</a> <a data-gid="gid://syiq/Yacht/11227" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Artexplorer46.6m (152'11&quot;)Perini Navi2023">Art Explorer</a> sailing , the 43-metre <a data-gid="gid://syiq/Company/511" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Tecnomar (Company)">Tecnomar</a> motor catamaran <a data-gid="gid://syiq/Yacht/10542" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="This Is It43.5m (142'9&quot;)Tecnomar2024">This Is it</a> and the <a data-gid="gid://syiq/Company/570" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Admiral (Company)">Admiral</a> 55-metre <a data-gid="gid://syiq/Yacht/10188" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Silver Star55.2m (181'1&quot;)Admiral2023">Silver Star</a>.<img src="https://photo-assets.superyachttimes.com/photo/222946/image/large-f867d1586139be67532c2d8314eac03d.png" data-gid="gid://syiq/Photo/222946">

The Italian Sea Group reports 25% revenue increase on 2022

The Italian Sea Group has reviewed and officially approved the financial results for the first nine months of 2023.

<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group (TISG)</a> is forging ahead with its investment plan for <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi</a> 1920, a renowned furniture supply company situated in Terni, which <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> acquired in April last year.<img src="https://photo-assets.superyachttimes.com/photo/278854/image/large-e7f4bb7f15f19bdf22c247558c983c11.png" data-gid="gid://syiq/Photo/278854">With a steadfast commitment to investment, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> aims to double the production capacity of <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi</a> by acquiring two new sites. This strategic move not only supports <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG's</a> own production needs but also presents an opportunity to expand <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi's</a> cabinet-making business in both the civilian and high-end hospitality sectors.<img src="https://photo-assets.superyachttimes.com/photo/190633/image/large-f49abfad0325bb1ce3c014711103c00d.jpg" data-gid="gid://syiq/Photo/190633">The renovation of office areas, carried out with the distinctive and elegant style synonymous with <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG's</a> Marina di Carrara Headquarters, is nearing completion. Meanwhile, the expansion of production areas is scheduled to be finalised by September 2023.<img src="https://photo-assets.superyachttimes.com/photo/265932/image/large-01b08e3d1324671c97486224c5953a4d.jpg" data-gid="gid://syiq/Photo/265932">In addition to physical enhancements, a comprehensive recruitment plan has been approved to promote the professional development of employees, particularly the younger generation. This aligns with <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG's</a> continuous efforts to foster growth and create a stimulating environment for each team member.<img src="https://photo-assets.superyachttimes.com/photo/222947/image/large-222aa56f88aa1d35d6a93098567016b6.jpg" data-gid="gid://syiq/Photo/222947">Fulvia Costantino, the Sole Director of "<a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi</a>," expressed her enthusiasm for the new venture, stating, "I am thrilled to see '<a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi</a> 1920' become a part of a structured and reputable group like <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>. <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG's</a> investment plan will significantly bolster our production capacity."

Renovation and expansion of Celi 1920 headquarters continues

The Italian Sea Group (TISG) is forging ahead with its investment plan for Celi.

The<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">&nbsp;Italian Sea Group (TISG)</a> has announced that they have finalised the acquisition of the fine furniture company <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi S.r.l</a>. The global luxury operator, <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a>, now owns 100 percent of the shares of Celi.<img src="https://photo-assets.superyachttimes.com/photo/190633/image/large-7468869e75590740becc83b9377c52b9.jpg" data-gid="gid://syiq/Photo/190633">The integration of <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi</a> into <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a>’s portfolio is consistent with the Company’s strategy plan and will help to internalise the activities of the production chain. <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi</a>’s valuable carpentry experience and production capacity will also allow <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> to provide further growth opportunities for both companies.<img src="https://photo-assets.superyachttimes.com/photo/265932/image/large-01b08e3d1324671c97486224c5953a4d.jpg" data-gid="gid://syiq/Photo/265932">“<a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi</a> is undeniably one of the most important companies for custom furniture in Italy and around the world, and its transversal competencies are a great strategic opportunity for <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a>,” explained Giovanni Costantino, Founder and CEO of <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">The Italian Sea Group</a>.Read:&nbsp;<a data-gid="gid://syiq/Article/56369" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group reports revenues up 65% and a backlog nearing €1B (2022-11-11 16:00:00 +0100)">The Italian Sea Group reports revenues up 65% and a backlog nearing €1B<img src="https://photo-assets.superyachttimes.com/photo/112639/image/large-71dd2b977d22350f5c9d5439c079055c.jpg" data-gid="gid://syiq/Photo/112639"></a>The strategy enables <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> to increase its control over the timing and quality of production, as well as over the management of costs and budgets, in support of the Group's profitability. The acquisition represents the first step of the new “<a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> NEW ERA” expansion project, which also includes a further expansion of the offices in the Marina di Carrara Headquarters.This expansion will include an expansion of about 2,000 square-metres, with the ultimate goal of creating a cohesive <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> experience for shipowners. <a data-gid="gid://syiq/Company/5565" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="The Italian Sea Group (Company)">TISG</a> plans to make investments aimed at doubling <a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi</a>’s production capacity as early as 2024 in anticipation of significant business growth opportunities.<img src="https://photo-assets.superyachttimes.com/photo/214664/image/large-c368ca34691a26e708bc548b7a2b2e2e.jpg" data-gid="gid://syiq/Photo/214664">“<a data-gid="gid://syiq/Company/7113" href="#managed-by-system" rel="noopener noreferrer" target="_blank" title="Celi S.r.l (Company)">Celi</a>’s production organisation, combined with our international commercial skills and knowledge, will offer new opportunities for solid and secure growth for the Group, also in the field of high-end real-estate and luxury hôtellerie worldwide, from Miami to Dubai,” concluded Giovanni Costantino.

TISG acquires furniture company Celi

The Italian Sea Group (TISG) has announced that they have finalised the acquisition of the fine furniture company Celi S.r.l.