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A drop in sales to be put into perspective
Yachting market conditions contracted. With sales of 323.2 million euros in 2024/25, Fountaine Pajot recorded an 8.2% drop on the previous year. This decline is directly linked to a drop in volumes delivered.
But behind these figures lies a realignment of business activity with the reality of the order book. The deliveries anticipated in previous years, against a backdrop of post-Covid overheating, have given way to more traditional flow regulation.
Distribution and financing professionals will see this as a sign of a return to a more sustainable pace, but also of the need to readjust inventory strategies accordingly.
Profitability remains solid despite pressure on margins
EBITDA of 51 million euros, or 15% of sales, remains a significant level of profitability for the sector. Net income, Group share, at 29.9 million euros, reflects a slight erosion from the previous year's 33.5 million, down 10.75%.
Pressure on operating margins, due to lower volumes, has not been exacerbated by additional industrial costs. The shipyard's cost structure remains well-dimensioned, and its policy of cost control seems to be working.
For other shipyards, it's a signal that the Fountaine Pajot model, which relies on production continuity and range versatility, is capable of absorbing ups and downs without triggering redundancy plans or shutting down production facilities.
Significant investments despite cautious market conditions
With 24.5 million euros invested over the year, Fountaine Pajot has chosen to invest heavily in an uncertain market context.
The shipyard is announcing the continued modernization of its production tools, the adaptation of assembly lines, and above all the development of new units, including the FPY 110, which anchors the brand in the premium offshore segment.
Our strategy remains clear: we don't want to wait for the market to recover before we're ready. This is a short-term cash-flow constraint, but a strategic choice for the medium-to-long term.
Rising inventories: management or warning?
Inventories rose from 64.5 to 70.4 million euros. This change should be seen in the context of anticipated deliveries for the current year. It also illustrates the adaptation of production rates to a more volatile market.
For dealers, this may raise questions: will the rise in inventories be absorbed at the same pace as international sales, or should we expect a more aggressive sales policy in the short term?
The Group specifies that these inventories include units already scheduled for 2025/26. A rational explanation, but one that will have to be followed closely in the current year's interim results.
A pivotal year ahead for 2025/26
The current financial year marks the fiftieth anniversary of the shipyard, founded in 1976. Rather than capitalize solely on this anniversary, Fountaine Pajot has chosen to make 2025/26 a year of transformation.
The watchword: transition. This means accelerating range renewal, adapting industrial capacity to the order book, and concentrating efforts on markets with potential.
With a positive operating cash flow (14.9 million euros), strengthened shareholders' equity (136.3 million euros) and a controlled financing structure, the site has the resources to achieve its ambitions.
