EGM under the microscope: Bellini Nautica has seen a 35% increase in EBITDA

However, Bellini Yacht is making great strides (revenue has soared from 1.4 to 7.1 million) and the production line for the first model, the Astor 36, has reached full production capacity; the second model, the Astor 58, was unveiled at the Cannes International Boat Show and was sold immediately. At the next Cannes Boat Show (8–13 September 2026), the one-off prototype “Astor 38 Pista” prototype, created by the Bellini Mea customisation programme for racing driver Francesco Castellacci (and indeed, the boat’s colour scheme is inspired by his Ferrari LMGT3 Evo, which he drives for the AF Corse team in the World Endurance Championship). It goes without saying that the production Astor 38 model is also derived from this prototype. Also on display at the Cannes Boat Show will be the Astor 68, the first unit of which has already been sold. A limited-edition version of the Astor 36 has also been produced, designed by New York artist Daniel Arsham and featuring the exclusive ‘Arsham Green’ colour (a distinctive shade of aqua green).

Naturally, Bellini Nautica’s entry into the yacht sector has led to a significant increase in its net working capital (which, in fact, stood at 13.2 million at the end of 2025, compared with 10.6 million as at 31 December 2024); this was due to higher customer deposits, an increase in VAT receivables and, of course, a rise in stock levels for components and materials, which rose from 9.9 to 16 million). However, Bellini Nautica managed to keep its net financial debt under control; as at 31 December 2025, this stood at 5.2 million (5.1 million on the same date in 2024), resulting in a debt-to-equity ratio of approximately 0.54 times, which is therefore entirely within normal ranges.

As at 27 March 2026, Bellini Nautica had a backlog of 23.7 million, of which 2.85 related to the parent company, 11.8 to Bellini Yacht and almost 9 to the other commercial subsidiary, Italian Dealer Srl. The order book, which comprises contracts signed for new boats (including the Bellini Yacht range), pre-owned (i.e. second-hand) boats and Vintage Riva boats not yet delivered, provides significant coverage of the revenue budget for the 2026 financial year.

To boost the visibility of the Bellini Yacht range, Francesco Frediani (who has thirty years’ experience in the marine sector) was appointed as the new Dealer Network Director in April 2025, and partnership agreements were subsequently signed with new dealers in Switzerland, Slovenia, Greece (the Astor 36 was also unveiled at the Olympic Yacht Show in October 2025), Croatia (attendance at the Dalmatia Boat Show in April 2026), Portugal and Sardinia. It is also worth noting here that the expansion of the international dealer network (with a focus on European markets and the Mediterranean region) initially requires greater investment in marketing and technical support, but subsequently enhances the brand’s visibility, thereby increasing the sales pipeline and order backlog.

For the current financial year, Bellini Nautica aims to reduce overheads, thereby improving profit margins, but still intends to expand its yacht portfolio, its external services (partly to build customer loyalty as well as to diversify revenue streams) and to acquire new facilities (as has already been done with the new Bellini Yacht shipyard), as well as know-how to enter adjacent market segments and selected activities within the manufacturing sector.

As part of its ongoing efforts to raise awareness of the brand, Bellini Nautica has opened the Bellini Museum: Private Collection of Vintage Boats in Corte Franca (Brescia), funded to the tune of 50,000 euros under the Lombardy Region’s Call for Proposals to Support Corporate Museums. An exclusive line of Bellini Yacht sunglasses has also been created by the luxury eyewear artisan brand Barton Perreira (4 models, 2 for women and 2 for men, each available in 2 colour variants; with only 50 pieces available for each model and colourway), alongside the production of a limited-edition vinyl (100 copies) entitled ‘Neverending Ep’, created by the rock/indie duo Adamant for Bellini Yacht. Finally, Bellini Nautica contributed to the production of the short film “A Piece of Timeless”, which accompanied the launch of the limited-edition Ducati Formula 73 model.

From an ESG perspective, one might think that, given the nature of its business, Bellini Nautica is not particularly active in this area (even though giants such as Sanlorenzo have already built yachts using more sustainable materials and fuels); however, Bellini Yacht has, in partnership with the French company Arianee, the Digital Product Passport, based on blockchain technology, which guarantees transparency throughout the supply chain and the yacht’s life cycle. It also supports the historic rowing club on Lake Iseo, ‘Clusanina’. Will High Net Worth Individuals invest in Bellini yachts? It’s hard to say, but compared to the industry giants, the entry-level price is much more affordable (€550,000), although the price of the new models could reach as high as €4.2 million.

Bellini Nautica’s free float is more or less in line with the Euronext Growth Milan average (23.5 per cent of the share capital), but it could increase – though only in 2–3 years’ time – should the five investors in the Bellini Yacht capital increase decide to cash in their shares in exchange for Bellini Nautica shares. Trading volume is unfortunately very low, but in recent months the share price has been gaining favour with the market, which is probably beginning to regard Bellini Nautica as a fully-fledged yacht manufacturer, pending the half-yearly results as at 30 June 2026, which are due to be announced on 29 September.