Catana Group: Behind a Revenue of €80M, New Boat Sales Drop by 20%
The French shipyard reports a revenue of €80.1 million for the first half of 2025/2026, but this figure hides two contrasting realities: an exceptional billing of €17 million related to an ERP change that brings no margin, and more importantly, a 20% decline in new boat sales, reflecting a nautical market entering its fourth consecutive year of decline.
Detailed Financial Performance
Catana Group recorded a total revenue of €80.1 million in the first half of 2025/2026. However, this figure requires cautious interpretation. The group explains that €17 million of this revenue corresponds to an exceptional stock disposal, resulting from a change in logistical organization due to the implementation of the new ERP. The group explicitly states that this €17 million billing 'will generate no margin in the accounts, having a 100% counterpart in expenses'. In reality, the operational revenue focuses on the boats and services sector: new boat sales total €62.7 million, while the services segment records a 20% growth, mainly driven by the activities at Port Pin Rolland base, located in Var.
Market Downturn Impacts Sales
The 20% decline in new boat sales reflects the state of the global nautical market. Catana Group acknowledges that the sector 'continues to face significant hesitation' in a context marked by geopolitical and economic instability. The group places this decline within a broader market cycle: after the exceptional years of 2021 and 2022 due to the post-Covid rebound, the years 2023 and 2024 corresponded to a 'legitimate market regulation'. Since then, 2025 and 2026 extend this downward trend, amplified by what the group partly attributes to 'the policy of the new American administration'. This context affects the majority of the group's clientele, who must adapt their sales pace to this hindered demand.
Strategic Developments Amidst Challenges
Despite this challenging environment, Catana Group accelerates the deployment of its 2030 strategic plan. The group highlights the success of its innovations: the BALI 5.2, gradually launched since September, records billings that will be 'predominantly concentrated in the second half of the year'. The group notes that this model achieves 'quantitative success among renters', a currently challenging segment. More strategically, two new models structure the group's entry into new segments: the YOT 53, a habitable motor yacht, and the BALI 7.0, a sailing unit over 22 meters. These launches materialize what the group describes as a 'change in dimension' and mark the expansion 'into two new market areas over the next 12 months'. However, the group maintains that 'short-term visibility remains limited', tempering immediate prospects for improvement.
