• 2 min de lectura
• 2 min de lectura
Meyer Werft cut 2025 losses on higher revenue driven by cruise ship deliveries. The group's restructuring remains on track with cost savings and efficiency gains expected to drive further improvement in 2026.
The after-tax loss of €383.8m was down from 2024's €569.2m loss, though the group cautioned prior-year figures are of limited comparability due to the extensive corporate restructuring carried out in 2024. EBITDA improved significantly, rising from a loss of €527.6m to a loss of €251.8m.
Revenue reached €2.83b, up from €1.37b in 2024, mainly driven by Meyer Werft's delivery of Asuka III to NYK Cruises and Disney Destiny to Disney Cruise Line in Papenburg, Neptun Werft's delivery of two river vessels in Rostock and the conversion of Disney Adventure at the Wismar site.
"Just as in 2024, the 2025 consolidated financial statements account for expected losses from unprofitable legacy orders by establishing corresponding provisions," said Ralf Schmitz, chief restructuring officer, Meyer Werft. "At the same time, we have successfully advanced our operational restructuring — comprising over 60 individual projects — such that we anticipate a positive annual earnings impact in the clear three-digit million range over the medium term, driven by lower material and personnel costs and more efficient processes."
The group's restructuring "remains fully on track," Schmitz continued. "Everything within our control is moving in the right direction. The shipyard is on a very promising path."
2025's audited consolidated financial statements were approved by Meyer Werft's supervisory board, and an independent restructuring expert confirmed adherence to the restructuring plan.
Consequently, the company's financing requirements for the restructuring period, through 2028, are covered by secured equity and debt capital.
Though no ocean cruise ship deliveries are scheduled for 2026, management expects a further significant improvement in consolidated EBITDA, moving toward a break-even result, thanks to the losses already accounted for in previous years and the cost improvements achieved.
"The profitably priced new cruise ship orders, our entry into the construction of converter platforms at the Rostock site (achieved in June) and the continued high demand for inland passenger vessels provide an excellent foundation for the next stages of our restructuring," Meyer Werft CEO André Walter said.
"Given the progress made and the strong orderbooks in both Papenburg and at Neptun Werft, we have every reason to be confident."
