Immsi (IMS) H1 2025 earnings summary

Executive summary

• Net revenues for H1 2025 were €887.9 million, down 12.4% year-over-year, mainly due to declines in the industrial sector (Piaggio group).

• Consolidated margins were maintained despite international trade disputes and geopolitical tensions, attributed to prudent financial management.

• EBIT decreased 28.9% to €67.6 million, with net profit including non-controlling interests at €18.2 million, down from €32.2 million in H1 2024.

• The naval sector achieved over 50% revenue growth, mainly from the defense division, with a robust order book exceeding €1 billion.

• Investments are ongoing in the hotel sector to enhance commercial operations.

Financial highlights

• EBITDA was €145.7 million (16.4% margin), down from €166.2 million in H1 2024.

• EBIT was €67.6 million, a 28.9% decrease from €95.1 million; EBIT margin was 7.6% versus 9.4%.

• Group net profit was €6.4 million, compared to €11.5 million in H1 2024.

• Net financial debt was €947.2 million, stable versus year-end 2024, but up €129.4 million year-over-year.

• Capital expenditure totaled €85.8 million, slightly lower than €86.9 million in the prior year.

Outlook and guidance

• The outlook depends on geopolitical and economic stability to support consumer demand.

• Piaggio converted a €200 million credit line into a Sustainability Linked facility in July 2025, aligning with ESG targets.

• Naval sector aims to execute new contracts and expand production capacity, leveraging a strong order book.

• Real estate and hospitality will continue marketing and rental activities, targeting growth in resort clientele.