Catana Group: Boat Sales Down 18%, Order Book Better Oriented

Boats: €138.8 Million in Sales Excluding Exceptional Items, Down 18%

The boats segment achieved ordinary revenue of €138.8 million, compared to €169.5 million in the 2024-2025 fiscal year, representing a decline of 18%. This marks a second consecutive year of decline, following a 24% drop in the previous fiscal year.

Added to this amount is €17 million (€16.99 million precisely) from inventory disposals. According to the group, this billing of materials and work in progress to a subcontractor outside the listed perimeter stems from a change in logistics organization linked to the implementation of the new ERP system. The group specifies that this revenue is non-recurring and will generate no margin, with its counterpart entirely recorded as expenses.

The services segment, driven by the Port Pin Rolland subsidiary in Saint-Mandrier, grew by 14.6% to €6.2 million. The fire that occurred on July 2, 2026 on the Canet-en-Roussillon site had an impact of less than €5 million on the fiscal year's revenue.

Nautical Market in Decline Since 2022, Order Intake Showing Improvement

The group attributes this decline to a nautical market in decline since the beginning of the Ukrainian conflict in 2022. It also cites the policy of the new American administration since 2025, the Iranian conflict, rising interest rates, and high inventory levels at certain competing dealers. According to Catana Group, the most affected segments are those where financing is often necessary for purchase: small and medium-sized boats and professional rental operations.

Large boats, however, have remained resilient, which corresponds to the positioning of the group's recent launches. Following the Bali 5.8 last year, the Bali 5.2 was launched during the fiscal year, while the Catana brand presented a new vintage of the Catana OC 50. The Yot brand is making progress in the outboard motorboat segment, which the group describes as a market in difficulty.

The press release notes that the trend in order intake has been better oriented for nearly six months, which the first back-to-school trade shows have confirmed. The group believes that if this trend were to continue, a low point would likely have been reached, without however announcing a major recovery in the immediate term.

Reconstruction Following the Fire and Four Launches Planned for 2026-2027

The fire destroyed two of the three main buildings on the site, where the Bali 5.8 and Catana OC 50 were built. Two modular buildings are to replace them and be fully operational during the first quarter of 2027. In the meantime, the reconstitution of production work in progress must gradually resume in the "polyester" building, which is already back in operation.

The group indicates that a portion of 2026-2027 activity will be more severely impacted, while specifying that it is covered by its insurance for business interruption losses. For the following fiscal year, the pre-publication consensus anticipated revenue of €159 million (one analyst).

The new factory project on the port area of Canet-en-Roussillon is on the ministerial list of 150 industrial projects benefiting from accelerated administrative procedures, with the start of initial construction work envisaged for next spring. This factory will house all production initially planned at the two Canet sites.

As part of the 2030 plan, four new products on four different markets are scheduled: the Yot 53, presented at the Cannes Yachting Festival, the Bali 4.3 in spring 2027, the Bali 7.0 in 2027 in the large sailing yacht segment, and the "resort" version of the Seaty floating habitats. The group indicated that these launches should constitute growth drivers as early as the 2027-2028 fiscal year.