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Catana Group's financial year 2024-25 comes at a time of regulation in the nautical market, after several years of sustained growth. The consolidated financial statements for the year ended December 8, 2025 show a significant downturn in business, accompanied by industrial arbitrages.
Sales down in a wait-and-see market
Consolidated sales amounted to 174.9 million euros, compared with 229.5 million euros in 2023 2024, down 23%. This trend reflects a market that has been in decline since 2023, marked by the end of hyperinflation and customers' increased wait-and-see attitude in the face of the international geopolitical and economic context.
The Group reports that it has deferred the effects of the market downturn by carefully managing its order book during years of strong demand. A targeted reduction in sales prices was also implemented at the start of the year to maintain sales momentum.
Adjusting volumes and maintaining industrial capacity
Faced with the downturn in business, Catana Group reduced its production rates to keep in line with actual end-market demand. This adaptation is based on flexibility levers built up during previous growth phases.
Nevertheless, the Group has chosen to keep its workforce above immediate requirements. This decision has led to a deliberate under-productivity, with the aim of preserving the company's capacity to scale up in the event of a rapid market recovery. Total personnel costs fell by 10% to 30.3 million euros, a limited decline given the drop in sales.
Profitability down but still positive
Gross margin came to 92 million euros, compared with 130 million euros in 2023 2024. It represented 52.5% of sales, down on the previous year, due in particular to the impact of the pricing policy implemented and pending supplier renegotiations.
Operating income came to 17.4 million euros, compared with 37.4 million euros a year earlier, representing around 10% of sales. It includes a launch loss of 3 million euros linked to the start-up of the industrial and commercial project for the YOT brand in Portugal.
Group share of net income reached 13.6 million euros, compared with 29.7 million euros in 2023 2024.
A solid financial structure despite investments
Cash flow remained positive at 18.7 million euros. Capital expenditure for the year totaled 21.2 million euros, including the development of new products and the completion of the Aveiro plant in Portugal, dedicated to the Group's motorboat division.
The Group's cash position was positive at 38.7 million euros. Group shareholders' equity now exceeds 100 million euros, at 100.8 million euros, for a balance sheet total of 226 million euros.
