Catana Group: Activity Down by 20%, Cash Reserves Hold at €36.6M
On Monday, Catana Group released its half-year results for 2025/2026, showing a 20% decline in activity (excluding exceptional items) and negative profitability, a direct consequence of the ongoing contraction in the nautical market since 2023. Despite this financial setback, the group maintains its strategic ambitions and financing capacity: cash reserves hold at €36.6M, and the management asserts that the first growth drivers will emerge in the next fiscal year, driven by the commercial success of the new Bali 5.2 model and the deployment of the Yot motorboat segment.
Activity Contracting, Negative Profitability in the First Half
Catana Group's consolidated revenue stood at €82.2M in the first half of the 2025/2026 fiscal year, with €17M coming from a stock disposal related to an ERP change that had no margin impact. Excluding this item, regular activity fell by 20% to €65.2M, compared to the previous mid-year (€81.2M).
This decline is part of a longer-term trend: the 2024/2025 fiscal year had already seen a 24% drop in revenue (€174.9M compared to a higher level the previous year). The group attributes these contractions to persistent geopolitical tensions since 2022, which erode the visibility of consumers and professional operators in the nautical sector.
The squeeze on activity directly impacts profitability. The current operating result shows a slight deficit of €1.4M (compared to a profit of €8.2M a year earlier). The net result of the consolidated group shows a loss of €1.7M, while the net result attributable to the group is almost break-even at a €0.2M loss. This deterioration reflects both the volume decline and a necessary aggressiveness in pricing in this challenging market.
Investments Maintained Despite Lower Profitability
Faced with this contraction, the management opted for a limited adjustment of its cost structure. The group did not proceed with drastic staff reductions, preferring to consolidate internal organizations and prepare for the next growth cycle. This strategy partly explains why margins contract beyond just the volume effect.
The Aveiro plant in Portugal, in its first full year of activity, records a loss of €3.1M. This facility, dedicated to the motorboat segment with the Yot brand, is currently underutilized (it produces the Yot 36 and Yot 41 models as well as the first units of the Seaty floating habitats brand). The management indicates that this level of loss is anticipated in an industrial project of this scale and expresses no major concerns.
Despite these challenges, cash reserves show strong resistance. They stand at €36.6M at the end of the semester, supported by a positive self-financing capacity of €3.9M and a favorable change in working capital needs (+€10M, notably thanks to customer advances). Net operational flows are positive at €14M, while investments absorb €11M. The group has just raised an additional €19M in medium-long term debt from its banking partners, which will be deployed in the second half to finance new models and the modernization of the Canet-en-Roussillon plant.
Product Acceleration Expected in 2026/2027
The 2030 strategic plan enters a decisive phase. The group announces the launch of an unprecedented number of new models in the 2026/2027 fiscal year, including the Yot 53 (the first large-sized habitable motorboat) and the highly anticipated Bali 7.0. This will allow Catana Group to access the segment of larger units, traditionally more resilient during macroeconomic turbulence.
Over the past semester, the new Bali 5.2 has already secured a full order book during its first presentation, confirming a positive dynamic on larger units despite the challenging market context. However, the bulk of the billings related to this commercial success will occur in the second half and beyond. The management asserts that this expansion of the offer to new premium segments will enable the group to embark on a new era of profitable growth.
