by Matteo Zaccagnino Editor-in-Chief
The nautical market hands out report cards. But let’s start by saying that 2024 was a year of transition. The numbers set out in the financial statements of the most important players reflect a reality that is now largely outdated. Twelve months on, many things have changed. And the transformation process is still ongoing. Along the way there are many unknowns related first of all to the geopolitical situation, and then to interest rates, inflation, the euro/dollar exchange rate, without forgetting the sword of Damocles of customs duties whose effects are yet to be seen.
In this regard, the European Union has wisely suspended duties on some products made in the USA, as a countermove to the decisions made by the new US Administration on some categories of goods imported from Europe, such as steel and aluminium. This is a temporary decision while they wait to understand what the next moves will be. In short, we are facing a real game of chess made up of announcements and counter-announcements. In this context, putting myself in the shoes of those who, even in the nautical sector, have the task of making long-term strategies and designing an industrial plan, it becomes very difficult to make sense of it all. The good news is that, unlike other sectors such as the automotive industry and to some extent the fashion industry, at least the nautical industry is not exposed to the Chinese market, where the trend is negatively affected by a sharp contraction in consumption, especially in luxury goods. A small consolation. However, we are sure of one thing: let’s forget about the euphoric trend of the post-Covid period.
The effects have been largely absorbed and today the nautical market is returning to ‘normal’. In short, imagine you are on an aeroplane. The climb cannot last forever. At a certain point you have to reach cruising altitude. Well, the same thing has happened in the nautical market. After the pandemic, the plus sign reached double figures. Today this is no longer the case. The first signs of a slowdown or contraction, as economists say, are already there. The NMMA (National Marine Manufacturers Association) has just announced that in 2024 the drop in sales of new boats was 9.1 per cent. The graph shows that we’re back to 2015 levels, and still far from the peak reached in 2020. According to the NMMA report, economic volatility from the end of 2024 to the first quarter of 2025 has had a significant impact on consumer sentiment. The consumer confidence index fell 7.0 points in February, reaching 98.3, marking the largest monthly decline since August 2021.
This is the third consecutive monthly decline, bringing the index to the lower end of the range that has prevailed since 2022. This is the cold logic of numbers and market analysis. On the other hand, however, it should be emphasised that the first two events of the year, namely the Discover Boating Miami International Boat Show which took place in February and the Palm Beach International Boat Show which has just closed its doors, have given comforting signals in terms of interest and public attendance. Another consideration to be made is that the US nautical industry is exposed in terms of sales for 95% to the domestic market. Therefore it builds and produces to satisfy an internal demand. A demand that in any case remains important in numerical terms. And here we come to the second consideration.
As in all production sectors, there are various levels and segments of the nautical market. Here too, borrowing the concept from the automotive industry, all those brands operating in the so-called high-end sector feel the effects of the current turbulence less. There are many reasons for this, from the type of clientele they target to the time needed to build a large yacht, which usually covers a period of at least two years. It is in this context that the numbers announced by all the major players, led by the Italians, should be interpreted. For the group led by Alberto Galassi, 2025 will be a year of growth through acquisitions, as he recently stated to the Italian newspaper Il Sole 24 Ore.
All of this starting from a solid base that rests on the numbers approved in the financial statements. ‘We have various dossiers on the table,’ said Ferretti Group CEO Galassi, ‘and we expect to close a deal by the first half of this year, with 125 million in cash and no debts to anyone’. Returning to last year’s performance, the numbers achieved in some geographical areas stand out. Above all the Middle East which, as I pointed out a few weeks ago on this channel, is currently the most dynamic. In detail, order collection in the MEA region (which also includes Africa) reached 339.5 million euros, equal to about 29.8% of orders in 2024 (from 273.8 million euros, equal to about 24.4% of total orders in 2023) mainly thanks to the growing demand in the Made-to-measure and Super Yacht segments.
The sun is also shining on the group led by Massimo Perotti who, in the aftermath of the presentation of the financial statements, declared: ‘In 2024 we achieved important strategic goals, exceeding the threshold of 100 million euros in net profit, substantially quadrupling compared to 2019, testifying to our long-term vision. We proudly confirm the full realisation of our objectives, with record financial results, the consolidation of the direct distribution network and entry into the sailing sector.
The Group’s financial solidity allows us to continue investing in the growth and consolidation of our leadership in the most profitable market segments. Today’s presentation of the 2025 Guidance, in the current macroeconomic and geopolitical context, represents a path of continuity, strengthened by the evolution of our industrial model, with the valorisation of strategic acquisitions, which contribute to raising the appeal of our product range. These important achievements further distinguish our unique positioning as a global icon of ‘beautifully tailored’ products, combined with increasingly cutting-edge technological expertise, within a solid and well-established business model aimed at gradual and sustainable growth in the medium to long term’. In contrast to current trends, the Americas have recorded a respectable performance with a +55.4 per cent increase compared to 2023. The MEA (Middle East and Africa) area also saw growth, with a 55.4 per cent increase compared to the previous year. The European market, which remains the most important for the Group, is stable. And the future? There is optimism on this front too.
As stated in a note, in the coming years the Sanlorenzo Group will be able to benefit from the significant investments made and sustained in 2024, in particular along two axes: entry into the sailing yacht segment with the acquisition of Nautor Swan, and acceleration of the direct distribution strategy, with the acquisition of Simpson Marine in APAC and the establishment of Sanlorenzo MED, which includes the historic offices in Palma de Mallorca and the new offices opened in Monaco and Cannes.
And then there is the chapter linked to sustainability and a greener and more environmentally friendly approach that the Sanlorenzo Group is pursuing and which led to the conception in 2024 of the Sanlorenzo 50Steel, the world’s first superyacht with a Reformer Fuel Cell system capable of transforming green methanol into hydrogen and then into electricity to power all the ship’s hotel equipment without the need to store hydrogen on board; and on the Bluegame side, the BGH-HSV, a zero-emissions foil-propelled chase boat powered exclusively by hydrogen that accompanied the American Magic and Orient Express teams in the America’s Cup. 2025 also began with the announcement of the MAN partnership, for the creation of the first green methanol bi-fuel propulsion system, which will be installed on board the 50 X-Space, scheduled for delivery in 2027, and which will reduce emissions at sea by up to 70%.
The situation is different for all those companies operating in the market segment up to 24 metres. Here the market dynamics are much more complex to decipher and, as previously mentioned, they are more exposed to economic cycles and their variables. ‘Groupe Beneteau has once again demonstrated its extraordinary ability to adapt in the face of significant changes in the boat markets in 2024. The commitment of all our employees has enabled the Group to achieve sales of over one billion euros for the current year, as well as reaching the upper end of the profitability forecasts for the full year. The sale of the Housing business will enable the Group to accelerate its development in the boat markets, while ensuring a fair return for shareholders,’ said Bruno Thivoyon, CEO of Groupe Beneteau.
As announced on 10 February, the Marine division recorded revenues of 1,034.4 million euros in 2024, down 29.4% compared to 2023, a record year that benefited from an increase in inventory in distribution networks of almost 240 million euros. As expected, rising interest rates, combined with the impact of inflation, led dealers to reduce their inventories by almost €110 million in 2024, contributing around 23% to the decline in activity between the two years.
Sales to end customers contracted by 7% over the period. The slowdown in retail demand volumes was particularly marked for the Sailing sector (-140 million euros, equal to -24% compared to a high basis of comparison). In the motorboat business, the 11% drop in volumes delivered by the distribution network had a negative impact of €60 million on sales. However, the division benefited from the success of its strategy in the premium segment, which was confirmed by a growth in value of €110 million (+9%). In particular, this result was supported by the increase in the range of PRESTIGE M-Line motor catamarans and the penetration of units over 9 metres in the dayboating segments.
This is the present. The future? History has taught us that the nautical industry has always been able to react very quickly to changes, demonstrating an uncommon ability to adapt.
